Ripple’s XRP showed resilience on Monday, trading near $2.96 despite headwinds across the broader crypto market. Bitcoin’s sharp dip below $112,000 weighed on sentiment, yet XRP held firm above the critical $2.90 level after last week’s macro-driven rebound that briefly pushed the token to $3.12.
Futures data from CoinGlass suggests steady appetite among market participants. Open Interest (OI) in XRP futures averaged $8.33 billion at the time of writing, signaling consistent positioning. The upward trend in OI, a measure of outstanding futures and options contracts, underscores improving investor confidence.
Gemini Launches XRP-Backed Credit Card
Gemini, the exchange founded by Cameron and Tyler Winklevoss, has rolled out a new Mastercard tied to XRP in collaboration with Ripple. Issued by WebBank, the card functions similarly to Gemini’s existing cashback products but delivers rewards directly in XRP.
Cardholders can earn up to 4% XRP on select purchases such as fuel, EV charging, and rideshare services. Dining earns 3%, groceries 2%, and other purchases 1%. Gemini is also negotiating merchant partnerships that could boost rewards to as high as 10% on eligible transactions.
Alongside the card launch, Gemini is expanding the use of Ripple USD (RLUSD), Ripple’s dollar-pegged stablecoin. RLUSD is now listed as a base currency across all spot markets in the U.S.
“Fifty-five million Americans own crypto and that number continues to grow,” Ripple CEO Brad Garlinghouse said. “With Gemini, we’re making everyday spending a chance to earn and connect with both XRP and RLUSD.”
Whales Accumulate as Price Consolidates
Despite a failure to revisit its July 18 record high of $3.66, whales appear to be quietly positioning. XRP has traded between resistance at $3.38 and support at $2.72 over the past month.
Data from Santiment shows addresses holding 1 million to 10 million XRP now control 10.6% of supply, up from 9.8% in early July and 9.14% in March. The steady accumulation suggests larger players are buying dips, potentially setting the stage for renewed upside pressure.
If buying momentum persists, supply constraints could lift XRP through the immediate $3.00 resistance, with broader risk sentiment possibly buoyed by expectations of U.S. rate cuts in September.
Technical Outlook: Bulls Target $3.00 Break
XRP continues to trade above short-term support at $2.96, printing another green 4-hour candle. A decisive break above $3.00 could unlock a run toward July’s record peak at $3.66.
The Relative Strength Index (RSI) remains above 40 but below the midline, signaling room for renewed buying interest. Key technical levels for traders include the $3.00 threshold, followed by the 50-, 100-, and 200-period EMAs, which may act as support zones in the event of a pullback.
However, caution is warranted. The Moving Average Convergence Divergence (MACD) indicator is flashing a sell signal, with the blue MACD line holding below the red signal line. Unless momentum flips, traders may consider trimming exposure while XRP consolidates below resistance.
