XRP Price News: XRP Struggles to Stay Above $3 Despite Launch of New Credit Card

XRP (XRP) has been struggling to stay above the $3 mark lately as cryptocurrencies pulled back hard during the weekend.

Ethereum (ETH) and BNB Coin (BNB) have already made new all-time highs during this cycle at $4,953 and $899 respectively while Solana (SOL) rallied above the $200 threshold in the past few days.

Similar to SOL, the market has not favored XRP during this latest push as the token failed to stay above its January high for more than a couple of days.

It is worth noting that XRP rallied strongly from November to January after Ripple’s legal victories against the U.S. Securities and Exchange Commission (SEC). Back then, the token moved from $0.50 to $3.4 for a 580% gain in just three months.

Hence, the latest consolidation is not necessarily unexpected.

Gemini Launches New XRP-Linked Credit Card

Meanwhile, Ripple continues to move forward with its ecosystem growth initiatives. Just a few hours ago, Gemini announced the launch of the Gemini Credit Card XRP Edition, a payment method that will produce rewards to cardholders in XRP tokens.

Gemini Credit Card XRP Edition – Source: Official Gemini X Account

According to the marketing materials, this card will generate rewards of 4% in gas, 3% in dining, 2% groceries, and 1% in any other types of purchases. All of these payments will be credited to the holder’s Gemini crypto account in XRP.

Gemini is a crypto exchange with more than $30 billion in assets under custody and millions of users. This type of product helps expand the XRP ecosystem and increase the demand for the token and can be considered a new use case.

XRP Eyes $2.75 Support as Market Wipes $700M in Long Positions

Looking at the 4-hour chart, we can see that XRP rejected a move above $3.10 on Friday and encountered strong selling pressure as it touched the 200-period exponential moving average (EMA) in this time frame.

XRP/USD 4-Hour Chart (Binance) – Source: TradingView

We could now envision a retest of the $2.75 support first as the selling pressure seems to be accelerating. Trading volumes have increased by 100% in the past 24 hours with $66 billion worth of tokens exchanging hands during that brief period. This figure accounts for 12% of XRP’s circulating supply.

Moreover, the market has liquidated over $700 million worth of long positions in the past 24 hours, the majority of which were linked to BTC and ETH. This emphasizes the strength of the selling spree.

Despite this latest wave of negative momentum, the baseline scenario is bullish for XRP as the token has been in consolidation for a while after its strong rally. This could be considered a phase of accumulation at a point when market conditions are favoring the continuation of the uptrend we saw between November and January.

A handful of tailwinds should help boost the price of XRP to higher highs as it follows the footsteps of other top altcoins like BNB Coin and Ethereum.

These include the upcoming approval of an XRP spot ETF, President Donald Trump’s successful bid to include cryptos in 401(k) accounts, Ripple’s robust initiatives to accelerate ecosystem growth, and the passing of industry-supportive legislation like the Genius Act and the Clarity Act.