Gemini has teased plans for an XRP-branded Mastercard, which has stirred fresh interest within the XRP community. But can this development help reverse the token’s downtrend?
Summary
- Gemini has teased the launch of an XRP-powered credit card.
- XRP price has remained in a downtrend this month.
- Technical indicators suggest selling pressure was waning.
In an Aug. 21 X post, crypto exchange Gemini shared an image of a billboard in New York that featured an XRP-branded Mastercard. The ad displayed the date “8.25.25,” likely the launch date for the card, and also named WebBank as the issuing partner.
“Prepare your bags,” the exchange wrote alongside the image.
While neither Gemini nor Ripple has released more details about how the card will function as of press time, the post had drawn more than 1.7 million views, 3,100 reposts, and over 10,000 likes, reflecting the hype over the development within the XRP community.
The announcement comes at a time when XRP’s price has been struggling. Notably, the 3rd largest cryptocurrency by market cap has dropped 14.7% over the last week and 22% from its yearly high.
It’s typical for a cryptocurrency to stage a strong rally after an announcement with a global payments giant such as Mastercard. One such instance was observed in late 2023, when Solana (SOL) jumped more than 20% after Visa announced it would expand its stablecoin settlement pilot on the Solana blockchain.
On the other hand, the Mastercard XRP card launch could also spark a “sell the news” reaction if traders price in the news ahead of the launch.
At press time, XRP (XRP) price action was muted, with the token down 1.2% on the day.
XRP price analysis
On the daily chart, XRP has been trading in a range between $2.70 and $3.30 since late July.
If the token drops to $2.70 and rebounds from that level, it could form a double bottom — a common reversal pattern in technical analysis that often signals the end of a downtrend.
The Average Directional Index, which measures the strength of a trend, has declined to 22. A reading below 25 indicates that the ongoing trend for an asset is getting weaker. In XRP’s case, this supports the argument for a potential reversal.
XRP’s Relative Strength Index is also approaching oversold territory, which is another sign that the downward momentum may be close to exhaustion.
Based on the above technicals, if XRP rebounds from $2.74, the next upside target stands at $3.34.
On the contrary, if XRP drops under $2.74, it could fall further toward $1.90, a support level that has held steady since June.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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