XRP Slides 3% Even as Gemini-Ripple Credit Card Adds Utility Narrative

XRP faced steep swings in the August 25–26 trading window, sliding from $3.01 to $2.91 for a 3.2% loss. A burst of institutional liquidation during the 19:00–20:00 GMT hour drove the sharpest drop, with volumes tripling daily averages. Recovery attempts late in the session brought the token back above $2.90, but the market remains split on whether upside momentum can sustain. News Background XRP has traded with elevated volatility through August, with repeated failures above $3.00. Whale wallets and institutional flows have driven short-term swings, adding pressure on retail positioning. Broader crypto benchmarks posted steadier gains, leaving XRP trailing peers amid regulatory overhang in the U.S. Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, told CoinDesk it has teamed up with Ripple to launch an XRP edition of its credit card in partnership with WebBank. The card offers up to 4% cashback in XRP on fuel, EV charging and rideshare, 3% on dining, 2% on groceries and 1% on other purchases. Gemini said it is also working with select merchants to offer up to 10% back on eligible spending. Price Action Summary XRP declined 3.24% from $3.01 to $2.91 in 24 hours, within a $0.28 range (9% volatility). Peak selling occurred between 19:00–20:00 GMT as XRP fell from $2.96 to $2.84 on 217.58 million volume, far above the 72.45 million daily average. The token rebounded 0.69% in the final trading hour, climbing from $2.89 to $2.91 with institutional flows averaging 641,000 per minute. Technical Analysis Resistance confirmed at $2.96, aligning with upper Bollinger Band rejection. Support built at $2.84–$2.86, consistent with the 20-day moving average zone. $2.89 intraday floor shows accumulation, with RSI recovering from oversold levels near 42 to mid-50s, suggesting stabilizing momentum. MACD histogram narrowing toward a bullish crossover, signaling potential shift in short-term trend. Sustained trading above $2.90 needed to open path toward $3.20–$3.30; break below $2.84 risks slide toward $2.80 support. What Traders Are Watching Bulls target $3.70 if momentum extends and volumes normalize. Bears flag $2.80 as the breakdown level that could accelerate losses. Institutional absorption remains key — whether large players continue supporting bids around $2.89–$2.90 will dictate next leg.