XRP posted its best weekly gain since the post-2024 US presidential election rally, climbing from around $1.00 to above $1.10, with a peak of $1.31 during peak momentum. This move was part of a broader crypto market surge triggered on August 19 by Bitcoin’s 5% to 8% jump to intraday highs between $69,500 and $71,750. Over $1 billion in Bitcoin short positions were liquidated within roughly one hour, with total crypto market short liquidations reaching $2.7 billion. The forced buying from liquidations created a feedback loop that accelerated the broader rally. Analysts flagged this as a textbook example of altcoin beta, where altcoins tend to move even more sharply than Bitcoin when the leading cryptocurrency moves sharply.
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