XRP drew attention midweek after a short-lived rally, but this momentum quickly faded as profit taking intensified following BTC’s surge to nearly $80,000 during the Asian session. Sellers stepped in near XRP’s resistance level, pushing the price down again. Across the broader crypto market, a wave of profit taking accelerated XRP’s rapid retreat from its highs.
GraniteShares ETF launch delayed
US asset manager GraniteShares announced it has postponed the launch of its much-anticipated 3x leveraged crypto ETFs, now targeting a release date of May 7. Among these products are options based on XRP, and the delay has temporarily sidelined what was expected to be a key driver of speculative interest in the token, at least in the short run.
The planned ETFs will offer both long and short positions, amplifying intraday price movements and potentially increasing volatility, particularly among retail investors.
XRP reverses at key resistance levels
During the week, XRP briefly tested the $1.44 mark, only to retreat just as quickly to around $1.42. Its attempt to break through this crucial resistance failed, and selling pressure intensified towards the end of the session. As a result, XRP is now slipping back into the price range it occupied before the attempted breakout.
Despite higher trading volumes during the rally, the anticipated follow-through buying did not materialize, and no clear signal emerged for a new trend. Such failed breakouts often lead either to continued sideways movement or a deeper corrective decline.
The $1.44 level remains a major hurdle for XRP. For upward momentum to return, the price must convincingly move above this resistance. On the downside, $1.40 stands out as the main support. If this support fails, XRP faces an increased risk of dropping to lower price bands.
Short-term market outlook
With no definitive breakout, XRP’s price continues to trade within a horizontal range. There is still no strong sign of renewed buyer interest. The profit taking that followed BTC’s recent climb has extended weakness across other major altcoins.
Market makers and individual traders are now awaiting new catalysts, meaning further short-term price swings are possible. The recent price action, marked by a sharp rejection at resistance, suggests investors are adopting a more cautious stance.
