XRP briefly moved higher on Wednesday, but the move was not sustained as Bitcoin slid on profit-taking after rising to nearly $80,000 during Thursday’s morning Asian session. Sellers stepped in and pushed the price lower as it neared resistance, suggesting the market still lacks confidence in a breakout, especially as broader cryptocurrencies see profit-taking led by Bitcoin.
news background
• GraniteShares has postponed the launch of its 3x leveraged crypto ETF to May 7, which includes an XRP offering. The delay removes near-term catalysts that could have boosted speculative demand.
• The proposed product would provide long and short exposure, amplifying daily price movements and potentially increasing volatility once launched, particularly among retail traders.
Price trend summary
• XRP tested $1.44 levels before reversing and falling back to $1.42.
• The trend failed to hold above resistance and selling pressure intensified at the close.
• Price is currently returning to its previous range after the breakout attempt was rejected.
technical analysis
• The key signal is resistance suppression. Buyers pushed prices higher but were unable to maintain control.
• Volume picks up on the move, but lacks the follow-through action needed to confirm the breakout.
• The broader structure remains range-bound, with no clear shift in trends yet.
• Such failed breakouts often lead to consolidation or a deeper pullback.
What traders should pay attention to
• $1.44 remains a key resistance level. Changing the structure still requires a clean break.
• $1.40 is immediate support. Losing it increases downside risk.
• Continued weakness following the rejection could push XRP back to lower range levels.
