Gemini launches XRP-themed card
Crypto exchange Gemini released an XRP-themed rewards card on Aug. 19
- More rewards. The launch follows Gemini’s earlier teaser of the “next era” of XRP rewards
Major US cryptocurrency exchange Gemini appears to be on track to release an XRP-themed card, according to its Thursday post on social media.
The exchange has placed a billboard in a busy commercial area of Manhattan in order to promote the new product, which is slated to be released on Aug. 19. As reported by U.Today, Gemini recently teased the "next era" of XRP rewards ahead of the Thursday reveal.
- Community response. Bitcoin-focused users criticized Gemini for promoting XRP
That said, the most recent announcement has attracted some backlash from the exchange's Bitcoin-centric users, who have slammed the exchange for actively advertising the token that they deem to be centralized.
Some XRP holders have also questioned whether the launch of the product (and the billboard in a busy neighbourhood of Manhattan) will have any impact on the price of the Ripple-linked token, which has been struggling to pick up more steam as of late.
Shiba Inu shows mini-golden cross despite price decline
Shiba Inu has chance for recovery around these levels.
- Technical setup. A mini-golden cross is forming on SHIB’s daily chart.
Even though Shiba Inu is still declining, it is displaying a setup that might yield realistic returns. On the daily chart, a mini-golden cross appears to be forming. In this variant, the 50-day EMA crosses above the 100-day EMA, in contrast to the classic golden cross where the 50-day EMA surpasses the 200-day EMA.
- Price action. SHIB is trading near $0.0000124, retreating after failing resistance at $0.000013–$0.000014.
In more general bearish periods, it still signals an improvement in short-to-medium-term momentum despite historically being a weaker bullish signal. Shiba Inu's upcoming hurdles SHIB has been slipping back after battling against resistance levels in the $0.000013-$0.000014 range, and it is currently trading close to $0.0000124.
Although the price is still stuck in a downward channel, and buyers are being pressured by lower highs, the EMA crossover indicates that bullish forces are still present. This discrepancy between a supportive moving average signal and bearish price action presents traders with both opportunity and uncertainty.
Ethereum trading volume explodes as derivatives dominate
Ethereum's 24-hour data shows mind-blowing tendencies.
- Market activity. ETH recorded $80 billion in trading volume in 24 hours – levels rarely seen.
With over $80 billion in trading volume over the past day, Ethereum shows mind-blowing activity you would not expect. This spike in activity is accompanied by $291,600,000,000 in open interest in ETH derivatives, showing that the derivatives market absolutely dominates.
Over $10,080,000,000 in ETH open interest is accounted for by Binance alone, indicating that whales are still actively positioning. Despite a minor drop in perpetual contracts, futures open interest increased by +1.42% over the past day, indicating divergent sentiment but a consistent dedication to ETH exposure.
- Price action. ETH bounced hard near $4,280 after pulling back from $4,800.
Ethereum reinforced strong buyer interest by rapidly rebounding near $4,280 after recently pulling back from the $4,800 region. Even though it is a sharp correction, it fits the pattern of a healthy uptrend in which retracements are absorbed before new legs rise.
Technically, the $4,500-$4,800 range is where the most resistance is focused. Another wave of speculative inflows could be triggered by a breakout above this range, which would lead to the psychological milestone of $5,000.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team