After dropping below $3.4 on July 23, XRP has seemingly oscillated between $3 and $3.13, even as other top altcoins like ether (ETH) and BNB have recorded impressive gains. Despite this recent stagnation, XRP remains a standout performer, boasting a 45% increase over the past 30 days and a remarkable 430% surge in 12 months, solidifying its position as one of the best-performing digital assets.

Several factors have converged to fuel XRP’s significant rise, and key among them are the ongoing legal victories achieved by its issuer, Ripple, in its high-profile battle against the U.S. Securities and Exchange Commission (SEC). Furthermore, the emergence of a more pro-crypto U.S. government, coupled with speculation that XRP could be included in America’s nascent digital asset stockpile, has provided a substantial boost to the cryptocurrency.

However, since reaching a new high on July 18, XRP has notably struggled to maintain its upward trajectory. In fact, after peaking at $3.64 on July 21, the digital asset has trended downward. Some market observers have attributed this decline to reports alleging that a crypto wallet linked to Ripple co-founder Chris Larsen offloaded millions of tokens onto exchanges starting around mid-July.

As highlighted by a Bitcoin.com News report, these significant transfers reportedly coincided with XRP’s rally. Despite these large movements, the wallet in question reportedly still held over 282 million XRP.

While the controversy surrounding the Larsen wallet transfers and their potential implications will undoubtedly continue to draw attention, some analysts insist that this should not necessarily be interpreted as a bearish signal for XRP.

Figures like James Toledano, Chief Operating Officer (COO) at Unity Wallet, maintain that the fundamental drivers behind XRP’s surge—namely the optimism surrounding a potential XRP exchange-traded fund (ETF) and increasing legal clarity—remain firmly intact. Therefore, despite recent volatility and a significant liquidation of long bets on XRP, which have dampened overall bullish sentiment, Toledano projects that the rally is poised to continue.

“With the SEC maintaining a softened posture, many see a structural step forward for XRP’s legitimacy in U.S. markets,” Toledano stated in a note sent to Bitcoin.com News. “Despite recent volatility and $105 million in liquidations, improving liquidity, growing institutional flows, and ETF-driven optimism are aligning, making a continued rally plausible if inflows and optimism continue to converge.”

Toledano’s optimistic sentiments are echoed by a Motley Fool report, which praises XRP’s institutional strategy as “compelling” and identifies future ETF approval as a catalyzing event for the digital asset. Nevertheless, the report cautions that until such a catalyst is realized, XRP’s timetable is hazier, and “gains derived from institutional onboarding will be piecemeal rather than all at once.”

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