XRP Post Gains Amidst Market Recovery

XRP has made the headlines again after featuring in a mention by US-based asset manager Grayscale. The Bitcoin and Ethereum spot exchange-traded fund (ETF)

Cryptocurrency XRP ranked as the fifth-best performing asset after reportedly having 6.71% weekly returns amidst a broader market recovery.

The asset joins seven others in Grayscale’s weekly top ten best-performing assets among the biggest cryptocurrencies by market cap.

In the snapshot shared via Twitter on August 22, Grayscale listed XRP as the fifth-best performer, with a 1-week gain of 6.71%. This showed XRP’s bullish outturn amidst a wider market recovery.

The data further showed that XRP’s gains meant it had a year-to-date (YTD) return of -2.41% and a market cap of $33.63 billion.

XRP Post Gains Amidst Market Recovery

The week in review saw a broader market recovery, with Bitcoin (BTC) recovering from a weekly low of $56,386 on August 15 to close above $60,000 on August 22.

XRP started the week by consolidating from a price uptick after the famous victory against the US Securities and Exchange Commission (SEC) on August 7.

The XRP price surged 6.7% from the $0.555 opening price on August 15 and closed at $0.5967 on Thursday. XRP’s impressive price performance saw it outgain seven of the ten coins that made the top asset list.

At press time, XRP was up 2.6% in the past 24 hours and 2.7% from when the Grayscale report was captured. The asset exchanged hands for $0.6134 with a market cap of $34.46 billion.

Notably, XRP also made the list the last time Grasyscale published the weekly asset performance snapshot on August 8. The XRPL native token ranked eighth with a -9.6% weekly loss.

Avalanche, TRON Lead Weekly Gain

After seeing substantial gains during the week, Avalanche (AVAX) and the Tron Network’s TRX occupied the first and second slots. AVAX had a weekly return of 26.12%, while TRON grew by 19.94%.

TRON’s positive outing was likely influenced by positive sentiments around the SunPump memecoin frenzy and the network’s impressive transaction settlement acumen.

Since the SunPump launch, over 7,000 memecoins have been created on the Tron network, increasing liquidity and extensively impacting TRX’s price.

Cardano’s ADA surged 16% on positive sentiments following its expected Chang upgrade. Binance Coin (BNB) saw a 12.17% weekly return, while Grayscale reported 5.31%, 5.03%, and 2.22% asset performance for Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH).

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