XRP attracted attention with a short-term rise in the middle of the week. However, this move appeared to be unsustainable as Bitcoin came under profit-taking pressure after climbing to almost $80,000 in the Asian session. Sellers stepped in at a point near the resistance level in XRP, pushing the price down again. The profit-taking trend seen throughout the crypto market also paved the way for a rapid retreat in XRP.
American asset management company GraniteShares announced that it has postponed the release date of its 3x leveraged ETFs, which attracted attention in the crypto market, to May 7. These ETF products also include XRP-based options. The postponement decision disabled a catalyst that was expected to trigger the recent speculative interest in XRP, at least in the short term.
These planned products will offer both upside and downside positions. It is stated that by magnifying intraday price movements, it may cause an increase in volatility, especially among individual investors.
Return from resistance: Critical levels come to the fore
XRP stood out in mid-week trading, testing $1.44; but it quickly returned from this level and approached $1.42. When the attempt to overcome the critical resistance point failed, the selling pressure gained momentum at the end of the session. Currently, the XRP price is easing towards the range it was in before the breakout occurred.
Although the volume increased in the uptrend, the expected follow-on purchases did not come and there was no definitive signal for a new trend. Such an unsuccessful breakout can usually lead to either a continuation of the sideways trend or a deeper downward correction.
$1.44 remains a key resistance for XRP. The current price structure must first see a strong transition from this level. Below, $1.40 stands out as the main support point. If this level cannot be maintained, the risk of XRP retreating to lower price ranges will increase.
Short term chart
The general trend continues in the horizontal range as there is no clear directional break. There is still no convincing buyer interest in the market. Profit selling, which came to the fore in the market especially after the recent rise of Bitcoin, also brought weakness in other altcoins.
Sequential short-term moves may continue in an environment where market makers and individual investors await new catalysts. Latest pricing shows that investors remain cautious after the rapid reaction from resistance.
