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The token’s former upper trend line is now acting as support for today’s pullback. Considering the significant buying pressure that XRP experienced in the past day, this kind of retreat would be expected, as early buyers take some profits off the table.
As long as this trend line support holds, the odds favor the continuation of this uptrend, as both the price action and momentum indicators have confirmed a bullish outlook.
XRP Sunday’s Rally Has Legs Now
Moving to the hourly chart, we can see how the price action bounced off this trend line support already, while momentum indicators are showing early signs of a trend reversal as well.
If the Relative Strength Index (RSI) moves above the signal line in the hourly chart, this would confirm a bullish outlook for what remains of the American session as well while negative momentum indicators are also steadily decreasing, meaning that selling pressure is subsiding.
Using today’s session low as the stop price and the latest lower high as a short-term target for XRP, the risk-reward ratio stands at 2.
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