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XRP's price surged alongside the broader cryptocurrency market on August 20, recovering more than $9 billion of its market capitalization in 24 hours as macroeconomic tailwinds, short liquidations, and renewed presidential support for digital assets drove risk appetite higher.

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XRP Ledger activity has delivered another spike, with payment volume briefly breaking above the 550 million XRP threshold just as volatility returned aggressively to the broader cryptocurrency market.

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The XRP price rally stole a rare spotlight on August 19, jumping 10.40% and beating Bitcoin's 7.13% as a record short squeeze lifted the whole market.

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Bitcoin traders are betting the cryptocurrency has further to run this month, but few see a return to six figures, according to prediction market Polymarket. The market, which asks what price Bitcoin will hit in August and resolves on 1 September, put the odds of the token reaching $100,000 at just 1%.