Summary

  • XRP surged by 10.40% on Wednesday, marking its highest single-day increase since February 6, and continued its upward trend on Thursday, culminating in a weekly rise of approximately 30%.
  • This surge coincided with Bitcoin breaking the $72,000 mark, driven by an unprecedented short squeeze and a U.S. Treasury announcement to double long-bond buybacks starting September 9.
  • Despite XRP outpacing Bitcoin in performance, its ETF inflows decreased during this spike, and futures open interest has fallen by over 11% since its peak on the rally day.

XRP, the digital currency developed by Ripple's co-founders, is currently trading at around $1.29, reflecting a remarkable 30% increase since it closed below $1 last weekend.

This week marks the strongest performance for XRP in several months, beginning from a level it had not seen since just before the 2024 election surge. The token reached a low of $0.9862 last week, a value similar to where it was prior to the post-election rally in November 2024, which propelled it towards an all-time high near $3.65.

Myriad: What’s next for XRP? Make your prediction.

The significant gains on Wednesday were pivotal, as XRP increased by 10.40%, its most substantial single-day rise since February 6, when it also experienced a jump exceeding 20%. The following day witnessed further gains, pushing the weekly candle to around $1.32, the closest it has come to surpassing the average price of the last 200 days since the beginning of the year.

XRP price data. Image: Tradingview

As is often the case with altcoins, Bitcoin's performance was the catalyst for XRP's rise. Bitcoin surged beyond $72,000 on Thursday, reaching its highest value since a market crash in June, following the U.S. Treasury's announcement to double long-bond buybacks to at least $4 billion per operation starting September 9. This news triggered $3 billion in short liquidations within a 24-hour period and coincided with a meeting between Trump and crypto executives from Coinbase, Ripple, and Robinhood at the White House.