The cryptocurrency market extended its weekend bearish performance into the week as the total crypto market cap dropped by 4.5% over the last 24 hours. The dump affected Bitcoin, Ether, XRP, and other major cryptocurrencies. Bitcoin swept Sunday’s flash dump and is now trading below $110k after losing 3.5% of its value. Ether risks dropping below $4,400 less than 72 hours after setting a new all-time high above $4,900. Ripple’s XRP is not saved from the market dump as it lost nearly 5% of its value and now trades below $3. Despite that, XRP could still experience a breakout above $3.1 soon amid bullish sentiments within the Ripple ecosystem. XRP dips below $3 as Gemini launches XRP-focused Mastercard credit card XRP, the native coin of the Ripple blockchain, has lost nearly 5% of its value in the last 24 hours. The bearish performance comes amid a widespread crypto sell-off, with most coins wiping away the gains recorded on Friday following Powell’s speech at Jackson Hole. XRP is still down despite Gemini, the cryptocurrency exchange founded by billionaire twins Cameron and Tyler Winklevoss, launching an XRP credit card in collaboration with Ripple. WebBank issues the credit card and resembles other Gemini cash back cards. According to Gemini, holders of the card are eligible for rewards of up to 4% in XRP on select purchases such as fuel, electric vehicle (EV) charging, and rideshare services. Furthermore, the crypto exchange added that it is expanding the use of Ripple USD (RLUSD) to customers in the United States (US). While commenting on this latest development, Ripple CEO Brad Garlinghouse stated that, “Fifty-five million Americans own crypto, and that number is only increasing as more people look for easier ways to access and use it in their daily lives. With Gemini, we’re making everyday spending a chance to earn and connect with both XRP and RLUSD.” XRP targets a breakout above $3.1 The XRP/USD 4-hour chart is bullish and efficient despite XRP losing nearly 5% of its value in the last 24 hours. The technical indicators remain neutral, suggesting that the bulls could regain control of the market. The MACD lines are switching into the negative zone, while the RSI of 47 shows that XRP could enter the oversold region if the selling pressure persists. However, Santiment’s data revealed that addresses holding between 1 million and 10 million XRP have grown to hold approximately 10.6% of the total supply from 9.8% in early July and 9.14% in early March. With whales still accumulating XRP, the coin could rally higher in the medium to long term. XRP is now trading at $2.9 after dropping to the $2.82 low a few hours ago. the recovery persists, XRP could hit the $3.1 resistance level in the coming hours or days before rallying towards the $3.4 region. However, the market is still facing selling pressure and could dip further in the coming hours. If that happens, XRP could retest last week’s low of $2.77, with the strong support still holding at $2.72. The post XRP eyes $3.1 breakout despite widespread crypto sell-off: check forecast appeared first on Invezz
