Bitcoin Surges Above $80k as XRP Tests Key Support
Ripple's XRP has been experiencing elevated on-chain activity as it tests key support at $1.40. Despite falling for two consecutive days, XRP still holds a constructive technical structure, suggesting another breakout attempt toward the pivotal $2.00 target.
Meanwhile, Bitcoin is enjoying a rally after briefly breaking above the psychologically important $80,000 level and reaching its highest price since mid-May. The crypto market's recovery gathered pace this week, with Bitcoin surging from below $63,000 earlier in August to a peak above $81,000, recording its strongest weekly gain in more than three years.
Bitcoin's price is currently trading at over $78,000 after struggling to extend its recovery above the $80,000 mark. Institutional demand for Bitcoin is strengthening, with steady inflows and BlackRock’s tax-deferred Bitcoin-to-ETF swap volume reaching $5 billion. On-chain data points to rising BTC holdings by large-wallet investors, commonly referred to as whales, suggesting increased buying activity.