Cryptocurrency Update: Important Milestone Approaching for XRP Owners, Shiba Inu Forms Temporary Bullish Pattern, Ethereum Accumulates $80 Billion in 24 Hours - Daily Crypto Summary
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Gemini Introduces XRP-Themed Rewards Card
In a move aimed at expanding its XRP offerings, Gemini has launched an XRP-themed rewards card on Aug. 19. The card, a part of Gemini's "next era" of XRP rewards, was promoted with a billboard in a busy commercial area of Manhattan. However, the launch has attracted backlash from Bitcoin-centric users.
Shiba Inu Struggles and Recovers
Shiba Inu (SHIB) has been slipping back after battling against resistance levels in the $0.000013-$0.000014 range. Despite this, certain levels offer a chance for recovery. The EMA crossover indicates that bullish forces are still present, and a mini-golden cross is forming on SHIB's daily chart. As of now, SHIB is trading near $0.0000124.
Ethereum Bounces Back
Ethereum (ETH) recorded $80 billion in trading volume in 24 hours, demonstrating robust market activity. After pulling back from $4,800, Ethereum bounced hard near $4,280. The $4,500-$4,800 range is where the most resistance is focused for Ethereum. Another wave of speculative inflows could be triggered by a breakout above this range.
Derivatives Market Growth
In the derivatives market, despite a minor drop in perpetual contracts, futures open interest increased by +1.42% over the past day. Over $291,600,000,000 in open interest in ETH derivatives was recorded, with over $10,000,000,000 accounted for by Binance.
Questions Remain over Shiba Inu's Card Development
One question that remains unanswered is who developed the Shiba Inu theme for the Gemini credit card. Some XRP holders have questioned whether the launch of the product will have any impact on the price of XRP. As the digital currency market continues to evolve, these questions and more will undoubtedly arise.
Stay tuned for more updates as we monitor the digital currency landscape.
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