XRP briefly rose on Wednesday, but that trend did not hold as bitcoin fell on profit-taking after hitting nearly $80,000 on Thursday morning in Asia. Sellers entered near-resistance and pushed prices lower, suggesting the market still lacks the conviction to break out, especially as broader crypto sees profit-taking led by Bitcoin.
News context
• GraniteShares has pushed back the launch of its 3x leveraged crypto ETFs to May 7, including XRP products. This delay removes a short-term catalyst that could have stimulated speculative demand.
• The proposed products would provide both long and short exposure, amplifying daily price movements and potentially increasing volatility once released, particularly among retail traders.
Price Action Summary
• XRP tested the $1.44 level before reversing and falling back towards $1.42.
• The move failed to hold above resistance as selling pressure accelerated to the close.
• Price now returns to its previous range after the rejected breakout attempt.
Technical analysis
• The key signal is rejection at resistance. Buyers pushed prices higher but couldn’t keep control.
• Volume increased during the move, but lacked the follow-through needed to confirm a breakout.
• The broader structure remains range-bound, with no clear trend change yet.
• This type of breakout failure often leads to either consolidation or a deeper pullback.
What traders should watch out for
• $1.44 remains key resistance. A clean break is still needed to change the structure.
• $1.40 is the immediate support level. Losing it would increase downside risk.
• Continued weakness after the rejection could push XRP back to lower levels.
