XRP Tumbles 3% Despite Gemini-Ripple Credit Card’s Game-Changing Utility Boost
XRP takes a 3% hit—proving once again that even the most bullish narratives can't always defy crypto's gravitational pull toward volatility.
The Gemini-Ripple Collab: More Than Just Plastic
Gemini and Ripple just dropped a credit card that actually does something—imagine that. It’s not another ‘pay-with-crypto’ gimmick; it’s built on real utility, leveraging XRP for cross-border settlements faster than a trader closing a losing position.
Market Mood: Unimpressed
Traders shrugged. A 3% dip might look like noise, but in a world where every basis point gets overanalyzed, it screams ‘sell the news.’ Even solid partnerships can’t outrun macro jitters or that one whale who decided today was exit day.
Utility Isn’t Always King
Sure, the card adds tangible use cases—instant liquidity, lower fees, seamless FX—but since when did fundamentals ever trump sentiment in crypto? This is an asset class where dog tokens flip banks, remember?
Bottom Line: Crypto’s gonna crypto. Good news drops, the chart dumps—classic. Maybe the market’s just taking a breather before the next leg up. Or maybe everyone’s just waiting for the next narrative to chase. Wouldn’t be finance without a little irrationality, right?
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.
