The memecoin SPX6900 (SPX) has rallied sharply, gaining 14.7% to trade at $0.37 after successfully defending the $0.30 support level. The token recorded higher highs for three consecutive days, with its 24-hour trading volume surging 62% to $19 million and market capitalization rising 14.5%. Technical indicators show strong buy-side momentum, with the buyer-to-price pressure metric rising from 23 to 34 and the Stochastic RSI hitting 93, signaling overbought conditions. However, the rally faces a challenge from profit-taking, as spot net flow data showed a 59% increase to $547,000, indicating aggressive selling by underwater buyers.
Meanwhile, XRP price is consolidating around $1.43 as the market awaits the December Personal Consumption Expenditures (PCE) inflation report, due on February 20. This report is the Federal Reserve's preferred inflation gauge and is expected to significantly influence monetary policy expectations. While the November PCE and core PCE readings both came in at a hot 2.8%, real-time data from Truflation estimates a cooling to 1.54% for headline PCE and 1.94% for core PCE. A softer print could revive hopes for interest rate cuts and support risk assets like XRP, while a hotter reading could pressure the market.
Technically, XRP remains in a broader downtrend after falling from its January high near $2.40. It is currently stabilizing between support at $1.35 and resistance at $1.47, with the 21-day moving average acting as a key overhead barrier. The token's next decisive move is likely to be catalyzed by the PCE data release.
