Market Split on Whether Recovery Can Sustain Beyond Key Support
XRP slipped nearly 3% in early trading, briefly testing the lower end of its recent range before recovering above $2.90 late in the session. The move comes as investors weigh the token’s technical setup against fresh headlines surrounding the Gemini-Ripple credit card initiative, which aims to expand XRP’s use case in mainstream finance.
On the charts, XRP has displayed a sharp breakout from its previous falling channel pattern, with a rally in July that pushed prices above $3.50 before meeting strong resistance. Since then, the asset has settled into a consolidation phase, where $2.80–$2.85 remains a critical support zone, while overhead resistance is layered around $3.40 and $3.70.
BITX Market analysts emphasize the importance of these levels for short-term traders. “As long as XRP holds above the $2.80 support, the structure remains constructive. A sustained move over $3.40 would be needed to re-ignite bullish momentum,” noted one technical strategist.
The utility narrative is also playing a role in shaping sentiment. The Gemini-Ripple credit card, which integrates XRP payments, is seen as a significant step in bridging crypto with everyday consumer finance. “Institutional-grade partnerships and payment applications are critical for XRP’s long-term value. Expanding its role beyond speculation adds resilience to the ecosystem,” According to BITX.
Despite these developments, traders remain divided. Some see the $2.90 rebound as a sign of strength, while others warn of fading momentum in the absence of fresh catalysts. Volume has also declined compared to the July rally, suggesting caution in positioning.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.