XRP took a notable hit in the last 24 hours, sliding 3.2% to $2.91, despite a new collaboration between Gemini and Ripple aimed at bolstering its utility. The decline was driven by a significant surge in institutional liquidation between 19:00–20:00 GMT, where trading volumes tripled the daily average. Although the token clawed its way back above the $2.90 mark, market sentiment remains divided on its future trajectory.
Institutional Movements and Market Volatility
The sharp decline in XRP’s price underscores the volatility that has marked its trading throughout August. Institutional players appear to be a double-edged sword for the token. On one hand, they bring liquidity, but on the other, their movements can exacerbate price swings. “We saw a pronounced spike in sell orders from institutional accounts during that hour,” noted a crypto analyst at a major financial firm, speaking on condition of anonymity. “This kind of activity often reverberates through retail markets, causing a ripple effect.” This pattern of volatility is further explored in XRP Price Faces Third Bearish Setup in a Week—What Traders Should Watch.
Notably, XRP has struggled to maintain levels above the crucial $3.00 resistance, a psychological barrier it has repeatedly failed to breach. While broader crypto markets have enjoyed more stable gains, XRP seems caught in a tug-of-war, lagging behind peers due to the continued regulatory scrutiny in the United States.
Gemini and Ripple’s Ambitious Partnership
Adding a twist to the tale, the Winklevoss-led Gemini exchange has announced its partnership with Ripple to launch a special XRP edition of its credit card. The card, in collaboration with WebBank, promises up to 4% cashback in XRP on select purchases like fuel, EV charging, and rideshares. Dining gets 3% back, groceries 2%, and other purchases 1%. Moreover, Gemini is eyeing partnerships with select merchants to offer up to 10% back on eligible spending.
Despite this innovative initiative, the market’s reaction suggests skepticism. “While the card adds a compelling utility narrative for XRP, it seems traders are more focused on immediate price action and macro trends,” remarked Lisa Tran, a crypto market strategist. For a broader context on XRP’s market performance, see Crypto Price Analysis August-22: ETH, XRP, ADA, BNB, and HYPE.
Technical Indicators and the Road Ahead
Technically, XRP is navigating a tricky landscape. Resistance has been confirmed at $2.96, aligning with an upper Bollinger Band rejection, while support is solidifying in the $2.84–$2.86 range. The Relative Strength Index (RSI), a momentum indicator, has rebounded from oversold levels near 42 to the mid-50s, hinting at stabilizing momentum. Yet, the MACD histogram shows signs of narrowing toward a bullish crossover, a potential harbinger of a short-term trend shift.
For traders, the magic number seems to be $2.90. Sustained trading above this level could open the door to a rally toward $3.20–$3.30. Conversely, a dip below $2.84 might pave the way for a descent to $2.80, a critical support level that bears have marked as a potential breakdown point. “Institutional absorption around $2.89–$2.90 will be crucial,” emphasized Tran. “If the big players keep supporting bids there, the next leg could be positive.”
Looking Forward
As XRP navigates these turbulent waters, the question remains whether the Gemini-Ripple card can catalyze a shift in sentiment or if traders will remain fixated on the immediate price action and regulatory headwinds. With institutional players holding significant sway over market movements, their actions in the coming weeks will likely dictate XRP’s path. For now, the crypto world watches with bated breath, wondering if this utility boost can ultimately translate into price stability or if more volatility lies ahead.
Source
This article is based on: XRP Slides 3% Even as Gemini-Ripple Credit Card Adds Utility Narrative
Further Reading
Deepen your understanding with these related articles:
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- Bitcoin and Ether’s Swift Spike Prompts $375M in Crypto Futures Liquidations
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
