XRP has dropped 2.5% to around $1.42 as profit-taking in Bitcoin and a delay in the launch of leveraged ETFs dampen market sentiment. After testing resistance at $1.44, XRP couldn’t maintain its gains, signaling a failed breakout as sellers stepped in. The broader crypto market is experiencing a pullback, particularly following Bitcoin’s recent surge toward $80,000, which has led to a cautious atmosphere among traders.
The postponed launch of GraniteShares’ 3x leveraged XRP ETFs to May 7 removes a potential catalyst for speculative trading, leaving XRP trapped in a range between $1.40 and $1.44. The market’s inability to sustain upward momentum suggests a lack of conviction, with increased selling pressure indicating that traders may be bracing for further consolidation or a deeper pullback.
For market professionals, the key takeaway is that XRP’s price action remains range-bound, with $1.44 as a critical resistance level and $1.40 as immediate support. A breach of either could signal significant shifts in trading strategies.
Source: coindesk.com