XRP rose briefly on Wednesday, but the move did not sustain as bitcoin fell due to profit-taking following its move to near $80,000 in Asian morning hours on Thursday. Sellers approached resistance and pushed the price lower, suggesting the market still lacks conviction to break out, especially as cryptocurrencies in general see profit-taking led by bitcoin.
News background
• GraniteShares has delayed the launch of its 3x leveraged crypto ETFs until May 7, including XRP products. The delay removes a short-term catalyst that could have fueled speculative demand.
• The proposed products would offer both long and short exposure, amplifying daily price movements and potentially increasing once-live volatility, particularly among retail traders.
Price Action Summary
• XRP tested the $1.44 level before reversing and retreating towards $1.42.
• The measure failed to hold above resistance, and selling pressure accelerated toward the close.
• The price is now returning to its previous range after the rejected breakout attempt.
Technical analysis
• The key signal is rejection in the face of resistance. Buyers drove up the price but could not maintain control.
• Volume increased during the move, but the follow-through needed to confirm a breakout was lacking.
• The broader structure remains rangebound, with no clear trend change yet.
• This type of failed breakout often leads to consolidation or a deeper pullback.
What traders should keep in mind
• $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 the risk of falling.
• Continued weakness after rejection could see XRP return to lower range levels.
