XRP Decoupled from the Market, Outperforming All Top Assets in Terms of Daily Gains

XRP has decoupled from the broader crypto market, outperforming all top assets in terms of daily gains. While the rest of the market struggles, XRP experienced a sharp price increase of nearly 20% in the past day, reaching $0.64 on Thursday before slightly retracing to $0.61.

As the broader crypto market experiences a downturn, XRP has defied the trend, outperforming all top assets with remarkable daily gains.

While the market struggles, XRP enjoyed a sharp price increase of nearly 20% over the past day, reaching $0.64 on Thursday before retracing slightly to $0.61.

This sustained uptrend has seen XRP post an impressive 42% in monthly gains. The bullish momentum is backed by a particular group of whale wallets that have quietly amassed a record-breaking stash of tokens.

XRP’s Bullish Signs Amplify

Over the past 24 hours, XRP’s market cap has soared by 23%. This rapid growth coincides with a notable accumulation by whales, as per Santiment’s recent findings.

Wallets holding between 1 million to 10 million tokens on the XRP Ledger now collectively own an all-time high of 7.06 billion coins, valued at approximately $4.42 billion.

This cohort of whale entities has quietly accumulated more than 662 million XRP in August alone, indicating rising confidence in the asset.

Moreover, XRP has witnessed a dramatic rise in social media discussions, reaching their highest levels since January 30th.

The increasing market cap, coupled with whale accumulation and heightened social activity, suggests growing investor interest and speculation around XRP’s future price trajectory.

Meanwhile, the subsequent price surge caught future traders off guard, as evidenced by the liquidation of $7 million worth of short positions in XRP over the past 24 hours, according to CoinGlass data.

Ripple’s Legal Saga Continues

The recent positive sentiment follows a New York federal judge moving closer to concluding the three-year securities lawsuit against Ripple Labs, which executives are hailing as a major “victory” for the industry.

On August 7, the judge imposed a $125 million civil penalty on the blockchain firm and issued a permanent injunction preventing the firm from violating US securities laws, in a crucial development in the case brought by the Securities and Exchange Commission (SEC).

This ruling indicates that the lengthy legal dispute, which began in December 2020, is finally reaching its conclusion, boosting confidence among XRP investors.

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