Gemini recently teased the launch of an XRP-powered Mastercard, causing a stir within the XRP community. The announcement, made on August 21st through a post on X.com, showcased a billboard in New York featuring the XRP-branded Mastercard with the date “8.25.25” displayed, which is speculated to be the launch date for the card. The issuing partner was named as WebBank, although further details regarding the functionality of the card have yet to be revealed.
The post by Gemini garnered significant attention within the XRP community, with over 1.7 million views, 3,100 reposts, and more than 10,000 likes, indicating a high level of excitement surrounding the upcoming launch. However, amidst this anticipation, XRP’s price has been on a downward trend, dropping by 14.7% over the last week and 22% from its yearly high.
Historically, cryptocurrency prices tend to experience a rally following major announcements involving partnerships with global payment giants. For instance, Solana (SOL) saw a surge of over 20% after Visa announced an expansion of its stablecoin settlement pilot on the Solana blockchain in late 2023. Conversely, the launch of the Mastercard XRP card could also trigger a “sell the news” reaction as traders may already price in the news ahead of the official launch.
As of press time, XRP’s price action remains relatively muted, with the token down 1.2% on the day. The daily chart indicates that XRP has been trading within a range of $2.70 and $3.30 since late July. If the token drops to $2.70 and rebounds from that level, it could potentially form a double bottom pattern, signaling a reversal of the downtrend.
Technical indicators such as the Average Directional Index (ADX) and Relative Strength Index (RSI) suggest that selling pressure on XRP is waning, with the ADX declining to 22 and the RSI approaching oversold territory. These signals point towards a potential reversal in the downward momentum of XRP.
In terms of price targets, if XRP bounces back from $2.74, the next upside target is projected to be $3.34. Conversely, a drop below $2.74 could see XRP falling towards $1.90, a key support level that has held steady since June.
It is important to note that this article does not constitute investment advice and is intended for educational purposes only. Investors are advised to conduct their own research and seek professional guidance before making any financial decisions.