XRP Outperforms Crypto Market with Significant Gains

XRP has broken away from the broader cryptocurrency market with a remarkable performance in daily gains, according to CryptoPotato. While other assets have struggled, XRP saw a sharp price increase of almost 20% over the past day, reaching $0.64 on Thursday before pulling back slightly to $0.61. This uptrend has culminated in an impressive 42% gain over the past month. The bullish trend is being supported by whale wallets accumulating a significant amount of tokens, setting a new record.

XRP’s market cap has increased by 23% in the past 24 hours. Santiment’s latest findings suggest that this growth coincides with significant whale accumulation. Wallets holding between 1 million and 10 million tokens on the XRP Ledger now collectively hold 7.06 billion coins, worth around $4.42 billion. In August alone, these whale assets accumulated over 662 million XRP, indicating growing confidence in the asset. Additionally, XRP saw a dramatic increase in social media discussions, reaching its highest levels since January 30. The rising market cap, whale accumulation, and increased social activity indicate increasing investor interest and speculation around XRP’s future price trajectory. According to CoinGlass data, the recent price surge has also caught future investors off guard, leading to the liquidation of $7 million worth of short positions in XRP in the past 24 hours. 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 a three-year securities lawsuit against Ripple Labs, which executives hailed as a major victory for the industry. On August 7, the judge imposed a $125 million civil penalty on the blockchain firm. $XRP