XRP Falls 3.2% to $2.91 Despite Gemini-Ripple Card Launch
XRP fell 3.2% to $2.91 in the August 25–26 trading session on heavy institutional liquidations. Volumes tripled to over 217 million tokens between 19:00 and 20:00 GMT. Despite a late rebound above $2.90, traders remain wary of ongoing volatility. Technical analysis shows resistance at $2.96 and support around $2.84–$2.86. The RSI has recovered from oversold levels, and the MACD is nearing a bullish crossover. Ripple and Gemini, in partnership with WebBank, plan to launch an XRP credit card offering up to 4% cashback in XRP on fuel, EV charging and rideshares. Bulls target $3.70 if price stabilizes above $2.90, while a break below $2.84 could test $2.80 support.
Neutral
XRP’s 3.2% drop on tripled volumes reflects short-term bearish pressure due to institutional liquidations. Historically, large-scale sell-offs in a short window often trigger further downside until accumulation occurs. However, the announcement of the Gemini-Ripple credit card introduces new utility and demand drivers by offering cashback in XRP. Past examples, such as the launch of exchange-backed crypto cards (Binance, Crypto.com), initially led to token appreciation or at least stabilization, despite broader market sell-offs. Technical indicators show stabilizing momentum: RSI recovery from oversold territory and a narrowing MACD histogram suggest potential for bullish reversal if support at $2.84–$2.86 holds. In the near term, traders may face range-bound action between key support and resistance levels. Over the medium to long term, added utility from the credit card could attract retail and institutional flows, balancing selling pressure and potentially supporting further upside. Therefore, the net impact is neutral, as bearish technical pressure is offset by positive utility developments.