XRP failed to sustain a brief breakout on Wednesday, slipping as profit-taking in bitcoin and the postponement of an ETF launch removed near-term momentum.
What happened
- XRP spiked to test $1.44 but reversed and slid back toward $1.42 after sellers stepped in at resistance.
- The wider crypto market was cooling as bitcoin pulled back from near $80,000 during Asian morning trading on Thursday, prompting profit-taking that weighed on altcoins including XRP.
- Volume rose during the rally attempt but lacked the follow-through needed to confirm a breakout, and selling accelerated into the close.
ETF delay removes a catalyst
- GraniteShares pushed the launch of its 3x leveraged crypto ETFs, including XRP-linked products, to May 7. That delay removes a potential near-term speculative catalyst.
- The proposed ETFs would offer both long and short exposure and could amplify daily price swings and retail-driven volatility once launched.
Technical takeaways
- Key resistance: $1.44 — the rejected level that XRP must clear to shift the market structure bullish.
- Immediate support: $1.40 — a break below this would raise the odds of a deeper pullback toward the lower end of the range.
- Market structure: still range-bound. This failed breakout typically implies either continued consolidation or a renewed dip rather than a clean trend change.
What to watch
- Bitcoin’s next moves and the new May 7 ETF timeline are the most likely catalysts to influence XRP’s direction. A clean breakout above $1.44 would be needed to revive bullish conviction; otherwise, expect sideways action or further downside pressure.
Read more AI-generated news on: undefined/news
