XRP Slides 3% Even as Gemini-Ripple Credit Card Adds Utility NarrativeXRP faced steep swings in the August 25–26 trading window, sliding from $3.01 to $2.91 for a 3.2% loss. A burst of institutional liquidation during the 19:00–20:00 GMT hour drove the sharpest drop, with volumes tripling daily averages. Recovery attempts late in the session brought the token back above $2.90, but the market remains split on whether upside momentum can sustain.
News Background
- XRP has traded with elevated volatility through August, with repeated failures above $3.00.
- Whale wallets and institutional flows have driven short-term swings, adding pressure on retail positioning.
- Broader crypto benchmarks posted steadier gains, leaving XRP trailing peers amid regulatory overhang in the U.S.
- Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, told CoinDesk it has teamed up with Ripple to launch an XRP edition of its credit card in partnership with WebBank.
- The card offers up to 4% cashback in XRP on fuel, EV charging and rideshare, 3% on dining, 2% on groceries and 1% on other purchases. Gemini said it is also working with select merchants to offer up to 10% back on eligible spending.
Price Action Summary
- XRP declined 3.24% from $3.01 to $2.91 in 24 hours, within a $0.28 range (9% volatility).
- Peak selling occurred between 19:00–20:00 GMT as XRP fell from $2.96 to $2.84 on 217.58 million volume, far above the 72.45 million daily average.
- The token rebounded 0.69% in the final trading hour, climbing from $2.89 to $2.91 with institutional flows averaging 641,000 per minute.
Technical Analysis
- Resistance confirmed at $2.96, aligning with upper Bollinger Band rejection.
- Support built at $2.84–$2.86, consistent with the 20-day moving average zone.
- $2.89 intraday floor shows accumulation, with RSI recovering from oversold levels near 42 to mid-50s, suggesting stabilizing momentum.
- MACD histogram narrowing toward a bullish crossover, signaling potential shift in short-term trend.
- Sustained trading above $2.90 needed to open path toward $3.20–$3.30; break below $2.84 risks slide toward $2.80 support.
What Traders Are Watching
- Bulls target $3.70 if momentum extends and volumes normalize.
- Bears flag $2.80 as the breakdown level that could accelerate losses.
- Institutional absorption remains key — whether large players continue supporting bids around $2.89–$2.90 will dictate next leg.
Source:
XRP Slides 3% Even as Gemini-Ripple Credit Card Adds Utility Narrative
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