The U.S. cryptocurrency exchange Gemini has announced the launch of a Mastercard based on the virtual currency Ripple (XRP).
On the 22nd (local time), Gemini revealed a photo of a billboard set up in downtown New York, announcing the launch schedule. The billboard featured the date ‘8.25.25’ along with the name of the card issuer, WebBank.
Along with the image, Gemini left a short phrase, “Prepare your bags.” Within a day of its release, the post exceeded 2.3 million views, with over 3,000 shares and more than 10,000 ‘likes’. Among XRP investors and the community, interest is rapidly spreading over the possibility of card issuance.
Gemini and Ripple have not yet announced the specific functionalities or usage methods for this card. The only known facts so far are the launch schedule and the issuer’s participation.
XRP is ranked high among cryptocurrencies based on market capitalization. However, its price has been declining over the past month. It fell by 14.7% in the last week and is down 22% from its peak this year.
The market is watching whether the card launch can alter the price trend. In the cryptocurrency market, there have been cases where prices rebounded after announcing collaborations with global payment companies. For instance, when Visa announced the expansion of its payment services using the Solana network at the end of last year, the price of Solana increased by more than 20%. However, it is uncertain whether the XRP card launch will achieve the same result.
Technical indicators also show signs of easing in XRP’s downward trend. According to analysis, XRP has been trading between $2.70 and $3.30 since the end of last month. If it rebounds from the $2.70 mark, a ‘double bottom’ reversal pattern could be formed. In this scenario, the short-term target price is set at $3.34. Conversely, failure to maintain the $2.74 level could see it fall to $1.90.
Currently, XRP is priced around $3.02, with a market capitalization of approximately $170 billion. The daily trading volume is estimated at about $2 billion.
The XRP Mastercard is noteworthy as it attempts to link cryptocurrency from being merely a buy-and-sell asset to real-life payments. However, until Gemini and Ripple provide specific explanations regarding card functions and service methods, the future impact remains to be seen.