XRP Hit $1.66 and Fell Back. Was That the Top?

XRP surged 70% in four days before a billion-dollar liquidation wave wiped out the gains in minutes. Whether that peak holds as the cycle top depends on a Senate vote, Bitcoin momentum, and a shift in how the next rally…

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XRP (CRYPTO: XRP) rose from its cycle low of $0.9877 on August 17 to $1.66 on August 21, rallying 70% in 4 days. However, the coin couldn’t hold that level, retracing in hours to trade at $1.44 on August 22. 

Today, XRP trades near $1.39, well below the $1.66 level but still far above where the rally started. With the coin falling by over 13% after rallying 70% on August 22, is XRP unable to maintain this level or the coin simply needs a steadier run?

Why Did XRP Fall After Reaching $1.66?

XRP started its run to $1.66 at $0.9877, which was the cycle low set on August 17. By August 21, XRP price rallied from that cycle low to a three-month high of $1.66, a 70% increase to its market price. 

The rally began as the White House met with Ripple CEO Brad Garlinghouse and other crypto executive and President Trump called on Congress to pass the CLARITY Act. A 30-year Treasury yield also fell, which freed up money into riskier assets like XRP. Bitcoin also broke above $77,000 in the same window, pulling money into altcoins like XRP.