In the last 24 hours, XRP price has dropped by 1.5% to $2.90, despite the launch of a credit card backed by XRP.
Launch of the Credit Card and Its Benefits
The launch of the XRP-backed credit card in partnership with crypto exchange Gemini allows users to spend XRP directly and earn crypto rewards. It offers up to 4% cashback in XRP. This event was highlighted by Ripple CEO Brad Garlinghouse and Gemini co-founder Tyler Winklevoss, who stated that 'the flippening is accelerating.'
Gemini and Coinbase App Rankings Dynamics
With the new credit product, Gemini briefly overtook Coinbase in app downloads, climbing to 16th place while Coinbase remains at 20th. However, while download numbers increased, Gemini's trading volume remains significantly lower than Coinbase's.
Current Trends and XRP Forecasts
Despite the positive news surrounding XRP, data shows a mixed sentiment among investors. There is an increase in wallet activity, including new accounts and daily active users. However, recent data indicates that investors are cautious, favoring short-term trading.
The launch of the credit card could represent a significant move towards increasing XRP's real-world usability, but the short-term price fluctuations and mixed investor sentiment point to the need for further analysis of market trends.
