XRP Hits 7-Month High Before Flash Crash on Aug. 22

XRP experienced extreme volatility over the past week, surging to a seven-month high before suffering a sharp flash crash on Saturday, August 22, 2026. The cryptocurrency rallied more than 40% from below $1.00 to a peak of $1.6976, driven by a broad market recovery and regulatory optimism, only to plummet over 11% in minutes amid a wave of liquidations.

The dramatic price swing began on August 19, when XRP gained over 10% in a single day, its largest daily increase since February. This advance pushed the token from a low near $0.99 to an intraday high of $1.245. The rally extended through August 20 and 21, with the price climbing further to hit $1.43 on August 21, cementing its position as the best-performing major cryptocurrency of the week. By Saturday morning, the token had reached a high of $1.6976.

A key catalyst was a short squeeze across cryptocurrency markets, which forced traders with bearish leveraged positions to buy back assets as prices rose. For XRP specifically, this momentum was amplified by large holders, or "whales," accumulating over 300 million tokens within a 96-hour period, effectively tightening available supply. On-chain data showed whale transfers to...