XRP rallied briefly on Wednesday, but the move didn’t last as bitcoin fell on profit-taking following its move to near $80,000 in Asian morning hours on Thursday. Sellers stepped in near resistance, pushing the price down, suggesting the market still lacks conviction to break out, especially as broader cryptos see 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 short-term catalyst that could have boosted speculative demand.
• The proposed products will offer both long and short exposure, amplifying daily price movements and potentially increasing volatility when live, particularly among retail traders.
Summary of price action
• XRP tested the $1.44 level before reversing and falling back towards $1.42.
• The move failed to hold above resistance and selling pressure accelerated into the close.
• The price is now heading back to its previous range after the failed breakout attempt.
Technical Analysis
• The key signal is the rejection at resistance. Buyers pushed the price up but could not maintain control.
• Volume increased during the move, but lacked the follow-through necessary to confirm a breakout.
• The broader structure remains range, with no clear trend change yet.
• This type of failed breakout often leads to either consolidation or a deeper pullback.
What traders need to see
• $1.44 remains the 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 towards lower levels.
