diff --git a/charts/argo-cd/Chart.yaml b/charts/argo-cd/Chart.yaml
index 10451acf..ab8d07cd 100644
--- a/charts/argo-cd/Chart.yaml
+++ b/charts/argo-cd/Chart.yaml
@@ -3,7 +3,7 @@ appVersion: v2.9.5
 kubeVersion: ">=1.23.0-0"
 description: A Helm chart for Argo CD, a declarative, GitOps continuous delivery tool for Kubernetes.
 name: argo-cd
-version: 5.53.7
+version: 5.53.8
 home: https://github.com/argoproj/argo-helm
 icon: https://argo-cd.readthedocs.io/en/stable/assets/logo.png
 sources:
@@ -27,4 +27,4 @@ annotations:
     url: https://argoproj.github.io/argo-helm/pgp_keys.asc
   artifacthub.io/changes: |
     - kind: changed
-      description: Change redis repository to public.ecr.aws
+      description: Updated documented default value for application.instanceLabelKey.
diff --git a/charts/argo-cd/README.md b/charts/argo-cd/README.md
index 0fe0c966..88280075 100644
--- a/charts/argo-cd/README.md
+++ b/charts/argo-cd/README.md
@@ -450,7 +450,7 @@ NAME: my-release
 |-----|------|---------|-------------|
 | configs.clusterCredentials | list | `[]` (See [values.yaml]) | Provide one or multiple [external cluster credentials] |
 | configs.cm."admin.enabled" | bool | `true` | Enable local admin user |
-| configs.cm."application.instanceLabelKey" | string | Defaults to app.kubernetes.io/instance | The name of tracking label used by Argo CD for resource pruning |
+| configs.cm."application.instanceLabelKey" | string | `"argocd.argoproj.io/instance"` | The name of tracking label used by Argo CD for resource pruning |
 | configs.cm."exec.enabled" | bool | `false` | Enable exec feature in Argo UI |
 | configs.cm."server.rbac.log.enforce.enable" | bool | `false` | Enable logs RBAC enforcement |
 | configs.cm."timeout.hard.reconciliation" | string | `"0s"` | Timeout to refresh application data as well as target manifests cache |
diff --git a/charts/argo-cd/values.yaml b/charts/argo-cd/values.yaml
index 6ad0d4bf..58560eb5 100644
--- a/charts/argo-cd/values.yaml
+++ b/charts/argo-cd/values.yaml
@@ -161,7 +161,6 @@ configs:
     url: ""
 
     # -- The name of tracking label used by Argo CD for resource pruning
-    # @default -- Defaults to app.kubernetes.io/instance
     application.instanceLabelKey: argocd.argoproj.io/instance
 
     # -- Enable logs RBAC enforcement