XRP Surges 15% as Market Cap Adds $9 Billion

XRP saw a significant price jump on August 20, climbing from $0.99 to $1.15 in a single day. This move added over $9 billion to the total market capitalization of the token, marking its strongest performance since late July. The rally reflects a wider shift in sentiment as the entire crypto market regained momentum.

Several factors pushed prices higher. President Donald Trump publicly urged Congress to pass the CLARITY Act, a move that signals potential regulatory relief for digital assets. Additionally, falling yields from U.S. Treasury bond buybacks helped boost the appeal of riskier assets, causing a wave of short liquidations across the market.

Traders are currently watching to see if XRP can hold these gains. Bullish sentiment remains high, with roughly 73% of derivatives positions betting on further price increases. A close above $1.13 could set the stage for a push toward $1.22, though a drop below $1.08 might signal that the current upward momentum is cooling down.