Recently, XRP, the cryptocurrency within the Ripple ecosystem, is experiencing selling pressure and a 3% price drop. This comes amid broader market corrections and the launch of a credit card from Gemini.
XRP Price Drop and Market Conditions
XRP has begun to face selling pressure as it tests the crucial support level at $2.90. This drop occurs amid a broader crypto market correction, triggering more than $900 million in liquidations. Compared to other altcoins like ETH and SOL, XRP has demonstrated a more modest drop of 2.3%.
Gemini's Ripple Credit Card
Crypto exchange Gemini, co-founded by Tyler and Cameron Winklevoss, launched a credit card on the Ripple platform on August 25. The card, issued by WebBank, allows holders to earn up to 4% cashback in XRP on select purchases, such as fuel and food. Gemini is also working on additional merchant partnerships that could offer users up to 10% in rewards.
Whale Activity Analysis and Growth Potential
Open interest in XRP futures remains steady above $8 billion, signaling strong interest in the cryptocurrency. On-chain data reveals accumulation among large holders, with wallets holding between 1-10 million XRP now controlling about 10.6% of the total supply, potentially driving future growth and breakouts above the $3.00 level.
Despite the current drop, XRP continues to show market activity, particularly with the recent launch of the Gemini credit card. The analysis of large holders shows growing interest in XRP, which could create conditions for potential future growth.
