XRP Dips Despite Gemini Credit Card Launch

XRP Slides Despite Gemini Card Utility

XRP saw a 3.2% dip between August 25–26, falling from $3.01 to $2.91. The downturn was triggered by significant institutional selling, which caused trading volumes to triple the daily average. Although XRP recovered slightly to above $2.90, the market remains uncertain about sustained upward momentum.

News Background

• XRP has experienced high volatility in August, struggling to maintain levels above $3.00.
• Large wallet activity and institutional trading are contributing to short-term price swings, impacting retail investor positions.
• While the overall crypto market showed steady gains, XRP lagged behind due to ongoing regulatory uncertainties in the U.S.
• Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is partnering with Ripple and WebBank to release an XRP-centric credit card.
• The Gemini credit card offers cashback rewards in XRP: up to 4% on fuel, EV charging, and rideshare, 3% on dining, 2% on groceries, and 1% on other purchases. Gemini also plans to offer up to 10% cashback with select merchants.

Price Action

• XRP fell by 3.24% in 24 hours, trading within a $0.28 range (9% volatility).
• The peak selling period occurred between 19:00–20:00 GMT, with XRP dropping from $2.96 to $2.84 on a volume of 217.58 million, significantly above the 72.45 million daily average.
• In the final trading hour, the token rebounded by 0.69%, rising from $2.89 to $2.91, with institutional flows averaging 641,000 per minute.

Technical Outlook

• Resistance is confirmed at $2.96, aligning with the upper Bollinger Band rejection.
• Support has formed at $2.84–$2.86, consistent with the 20-day moving average zone.
• An intraday floor at $2.89 indicates accumulation, with the Relative Strength Index (RSI) recovering from oversold conditions near 42 to the mid-50s, suggesting stabilizing momentum.
• The Moving Average Convergence Divergence (MACD) histogram is narrowing towards a bullish crossover, potentially indicating a short-term trend shift.
• Sustained trading above $2.90 is necessary to target $3.20–$3.30; a break below $2.84 could lead to a drop toward $2.80 support.

Market Watch

• Bulls are targeting $3.70 if the current momentum persists and trading volumes normalize.
• Bears are flagging $2.80 as a key breakdown level that could accelerate losses.
• The role of institutional investment remains crucial; continued support around the $2.89–$2.90 range will dictate the next price movement.