Gemini has hinted at the release of an XRP-branded Mastercard, sparking renewed excitement within the XRP community. But will this initiative be enough to reverse the token’s downward trend?
Summary
- Gemini has teased the introduction of an XRP-powered credit card.
- XRP has been experiencing a downward trend throughout this month.
- Technical indicators imply that selling pressure is decreasing.
On August 21, a post by crypto exchange Gemini showcased a billboard in New York featuring an XRP-branded Mastercard. The advertisement included the date “8.25.25,” likely signaling the card’s launch, and identified WebBank as the issuing partner.
“Prepare your bags,” the exchange captioned the image.
Although Gemini and Ripple have yet to provide further details about the card’s functionality, the post has garnered over 1.7 million views, 3,100 shares, and more than 10,000 likes, illustrating the excitement within the XRP community.
This announcement comes as XRP’s price struggles. The third-largest cryptocurrency by market cap has notably declined by 14.7% in the past week and 22% from its yearly high.
It is often observed that cryptocurrencies tend to experience significant surges following announcements with major payment companies like Mastercard. For example, in late 2023, Solana (SOL) saw a more than 20% increase after Visa revealed it would broaden its stablecoin settlement pilot using the Solana blockchain.
Conversely, the announcement of the Mastercard XRP card might also trigger a “sell the news” reaction if traders have already priced in the news prior to the launch.
At the time of writing, XRP (XRP) was experiencing subdued price action, down 1.2% for the day.
XRP price analysis
On the daily chart, XRP has been fluctuating between $2.70 and $3.30 since late July.
If the token declines to $2.70 and bounces back from that point, it may create a double bottom—a common reversal pattern in technical analysis that often indicates the end of a downtrend.
The Average Directional Index, which assesses the strength of a trend, has fallen to 22. A reading below 25 suggests that the current trend for an asset is weakening. In the case of XRP, this supports the case for a possible reversal.
XRP’s Relative Strength Index is also nearing oversold territory, another indicator that the downward momentum may be nearing exhaustion.
Based on these technical insights, if XRP rebounds from $2.74, the next target for upward movement is $3.34.
On the other hand, if XRP falls below $2.74, it could slide further to $1.90, a support level that has remained solid since June.
Disclosure: This article does not constitute investment advice. The content and materials presented on this page are for educational purposes only.
