TLDR
- XRP trades at $2.95, down 5% in 24 hours during broader crypto market decline
- Gemini unveils XRP credit card with 4% cashback rewards on select purchases
- Trading volume increases 119% to $12.58 billion showing strong market interest
- Whale wallets now hold 10.6% of total XRP supply, up from 9.8% in July
- Key technical support levels sit between $2.84 and $2.97 for price direction
XRP price action shows weakness as the cryptocurrency falls below the psychological $3 level during a market-wide sell-off. The digital asset currently trades at $2.95 with a market cap of $176 billion.
The price decline comes as major cryptocurrencies face selling pressure. Bitcoin dropped below $110,000 while Ethereum risks falling under $4,400 after recently hitting all-time highs above $4,900.
Despite the bearish price movement, XRP maintains strong trading interest. The 24-hour volume jumped 119% to reach $12.58 billion, indicating active market participation during the downturn.
Gemini Introduces XRP Credit Card Program
Gemini exchange launched its “Gemini Credit Card – XRP Edition” offering users 4% cashback in XRP tokens. The metal rewards card targets specific spending categories including fuel, electric vehicle charging, and rideshare services.
WebBank issues the credit card as part of Gemini’s expanding crypto services. The exchange also announced broader access to Ripple USD (RLUSD) for United States customers.
Ripple CEO Brad Garlinghouse highlighted the growing crypto adoption among Americans. He noted that 55 million Americans currently own cryptocurrency, with numbers increasing as people seek easier access to digital assets in daily life.
The partnership aims to transform everyday spending into XRP earning opportunities. Cardholders can accumulate cryptocurrency through routine purchases without additional investment.
XRP Price Prediction
Market analysts identify crucial support zones between $2.84 and $2.97 that could determine XRP’s next price direction. Crypto analyst Man of Bitcoin noted that recent downward pressure was invalidated, suggesting some price stability.
However, a diagonal formation pattern continues developing. The current technical setup requires monitoring of established support levels to confirm trend continuation or reversal.
XRP recovered from an intraday low of $2.82 during the recent sell-off. If buying pressure returns, the cryptocurrency could target the $3.10 resistance level before potentially advancing toward $3.40.
Conversely, continued selling could push XRP to retest last week’s $2.77 low. Stronger support remains at the $2.72 level according to technical analysis.
Institutional Interest Remains Strong
Large XRP holders continue accumulating despite recent price weakness. Addresses holding between 1 million and 10 million tokens now control 10.6% of total supply, increased from 9.8% in early July.
This whale accumulation pattern suggests institutional confidence in XRP’s long-term prospects. Large holders typically base decisions on fundamental analysis rather than short-term price movements.
Open interest decreased slightly by 0.9% to $8.27 billion, indicating some position closures. The weighted funding rate sits at 0.0115%, reflecting balanced market sentiment despite increased trading activity.
