On Wednesday, XRP experienced a brief surge but failed to maintain its momentum as bitcoin fell due to profit-taking after reaching near $80,000 in Asian morning hours on Thursday. As sellers emerged around resistance levels, the price declined, indicating a lack of market conviction for a breakout amid broader crypto profit-taking led by bitcoin.
GraniteShares has postponed the release of its 3x leveraged cryptocurrency ETFs to May 7, including those linked to XRP. This postponement eliminates an imminent catalyst that might have spurred speculative demand.
The anticipated products will provide both long and short exposure, likely increasing daily price volatility—especially for retail traders once they are launched.
XRP approached the $1.44 mark before reversing direction and falling back toward $1.42. The attempt to break above resistance failed as selling pressure intensified by market close, resulting in a return to its previous range following the unsuccessful breakout attempt.
A crucial indicator is the failure at the resistance level; although buyers briefly elevated the price, they could not sustain control. Although trading volume increased during this period, it lacked the necessary momentum for a confirmed breakout. The broader structure remains constrained within a range, with no discernible trend shift yet.
Such failed breakouts frequently lead to either consolidation or further declines.
$1.44 is identified as the critical resistance level; a definitive breach is needed to alter market dynamics. $1.40 stands as immediate support, and its loss would heighten downside risks. Ongoing weakness after this rejection could push XRP back into lower range levels.