XRP Soars 70% Amid Trump's CLARITY Act Push
XRP, the digital token associated with Ripple Labs, has experienced a significant rally after remaining stagnant near $1 for several trading sessions. The token surged almost 70% to reach about $1.69 before settling around $1.50.
The rapid gain marks one of XRP's largest recent price movements. According to BankXRP, the market analyst who tracked the price movement using CoinGlass's liquidation heatmap, high concentrations of liquidations near $1 contributed to the breakout.
The data revealed bright bands of liquidation liquidity at $1, $1.20, $1.30, and $1.40. Each zone formed a temporary resistance as the price climbed but also provided momentum to continue the ascent after being breached.
President Donald Trump's call on Congress to pass the CLARITY Act during a White House meeting on August 19 may have added to the market's enthusiasm. The legislation aims to provide clearer regulatory guidance for digital assets in the United States.