Bitcoin · U.S. Treasury · Decrypt
XRP Notches Best Week Since 2024 Election Pump on Bitcoin Short Squeeze
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XRP, the cryptocurrency created by the co-founders of Ripple, is trading near $1.29, up a whopping 30% since last weekend's close under $1.
Key facts
- XRP, the cryptocurrency created by the co-founders of Ripple, is trading near $1.29, up a whopping 30% since last weekend's close under $1
- Bitcoin punched past $72,000 Thursday, its highest price since a June flash crash, after the U.S. Treasury said it would double long-bond buybacks to at least $4 billion per operation starting
- XRP gained 10.40% that day, its sharpest single-day move since February 6, when the token also jumped more than 20%
- Futures open interest has already dropped 11.31% from its rally-day reading, and XRP still trades about 17.5% below its 200-day trend
Summary
The move traces back to Bitcoin's break above $72,000, fueled by a record short squeeze and a U.S. Treasury plan to double long-bond buybacks starting September 9. The move represents the coin’s strongest week in months, and one that started from a level it hadn't touched since right before its 2024 election pump. Wednesday's session did the heavy lifting. The spark was Bitcoin, as is typically the case with altcoins (everything other than BTC in crypto).