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XRP Struggles to Hold $2.90 After Sharp Liquidations Despite New Utility Push
XRP endured sharp swings over the August 25–26 session, sliding from $3.01 to $2.91 for a 3.2% daily decline. The steepest drop came between 19:00–20:00 GMT, when a wave of institutional liquidations drove volumes to more than triple the daily average. A late rebound lifted the token back above $2.90, but traders remain divided on whether momentum can carry higher.
Market Context
- XRP has failed repeatedly to hold above the $3.00 mark through August, with whale flows dictating intraday volatility.
- The broader crypto complex posted steadier gains, leaving XRP lagging amid lingering U.S. regulatory concerns.
- On the utility front, Gemini confirmed to CoinDesk that it has partnered with Ripple to launch an XRP edition of its credit card in collaboration with WebBank. The product offers 4% cashback in XRP on fuel, EV charging and rideshare, 3% on dining, 2% on groceries, and 1% on general purchases, with select merchants offering up to 10% back.
Price Action Snapshot
- XRP fell 3.24% from $3.01 to $2.91 in 24 hours, within a $0.28 range, marking 9% volatility.
- The heaviest selling came as prices dropped from $2.96 to $2.84 on 217.6 million volume — well above the 72.4 million daily average.
- The token bounced 0.69% in the final trading hour, supported by institutional flows averaging 641,000 per minute.
Technical Picture
- Resistance: $2.96, reinforced by rejection at the upper Bollinger Band.
- Support: $2.84–$2.86, aligned with the 20-day moving average.
- Momentum: RSI rebounded from oversold 42 to the mid-50s, while MACD narrowing suggests an imminent bullish crossover.
- Outlook: Holding above $2.90 could open upside toward $3.20–$3.30; a breakdown under $2.84 risks a slide to $2.80 support.
Trader Focus
- Bull Case: Sustained strength could target $3.70 if volumes normalize and institutional bids continue.
- Bear Case: A decisive move below $2.80 would likely accelerate losses.
- Key Watchpoint: Whether institutional buyers continue to absorb supply around $2.89–$2.90 remains central to the next leg.
