XRP moved higher briefly on Wednesday, but the move didn’t hold as bitcoin slid on profit-taking following its move to near $80,000 in Asian morning hours Thursday. Sellers stepped in near resistance and pushed price lower, suggesting the market still lacks conviction to break out, especially as broader crypto sees profit-taking led by bitcoin.
News Background
• GraniteShares has pushed back the launch of its 3x leveraged crypto ETFs to May 7, including XRP products. The delay removes a near-term catalyst that could have boosted speculative demand.
• The proposed products would offer both long and short exposure, amplifying daily price moves and potentially increasing volatility once live, particularly among retail traders.
Price Action Summary
• XRP tested the $1.44 level before reversing and slipping back toward $1.42.
• The move failed to sustain above resistance, with selling pressure accelerating into the close.
• Price is now drifting back into its prior range after the rejected breakout attempt.
Technical Analysis
• The key signal is the rejection at resistance. Buyers pushed price higher but couldn’t maintain control.
• Volume picked up during the move, but lacked follow-through needed to confirm a breakout.
• The broader structure remains range-bound, with no clear shift in trend yet.
• This kind of failed breakout often leads to either consolidation or a deeper pullback.
What traders should watch
• $1.44 remains the key resistance. A clean break is still required 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 toward lower range levels.
