According to CryptoPotato, XRP has decoupled from the broader cryptocurrency market, showing remarkable performance in daily gains. While other assets struggle, XRP saw a sharp price increase of nearly 20% in the past day, reaching $0.64 on Thursday before slightly retracing to $0.61. This uptrend has resulted in an impressive 42% gain over the past month. The bullish trend is supported by whale wallets accumulating a significant amount of tokens, setting a new record.

XRP’s market cap surged by 23% within the past 24 hours. Santiment's latest findings reveal that this growth coincides with notable whale accumulation. Wallets holding between 1 million to 10 million tokens on the XRP Ledger now collectively possess an all-time high of 7.06 billion coins, valued at approximately $4.42 billion. In August alone, these whale entities accumulated more than 662 million XRP, indicating rising confidence in the asset. Additionally, XRP has seen a dramatic rise in social media discussions, reaching their highest levels since January 30th. The increased market cap, whale accumulation, and heightened social activity suggest growing investor interest and speculation around XRP’s future price trajectory.

The recent price surge also caught future traders off guard, leading to the liquidation of $7 million worth of short positions in XRP over the past 24 hours, according to CoinGlass data. This renewed positive sentiment follows a significant development in the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC). A New York federal judge has moved toward concluding the three-year securities lawsuit against Ripple Labs, which executives are celebrating 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. This ruling suggests that the lengthy legal dispute, which began in December 2020, is nearing its end, boosting confidence among XRP investors.