U.S. Treasury · Bitcoin · Ethereum · CoinDesk
XRP on track for biggest weekly gain in 21 months as Treasury buyback spurs 'curve control' hopes
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Payments-focused cryptocurrency XRP is on track for its best weekly performance since November 2024 after a U.S. Treasury announcement fueled market speculation that policymakers could ultimately resort to yield curve control (YCC), an aggressive monetary-easing tool.
Key facts
- XRP has surged 51% to $1.50 since Monday, beating its peers, bitcoin BTC $ 77,430.25, ether ETH $ 2,448.51, and Solana (SOL), by a big margin, according to data from CoinDesk
- Still, XRP's latest price rise marks a 20% recovery of the brutal bear-market slide from the record high of $3.65 in July last year to under $1 a week ago
- According to the data source Coinglass, shorts worth nearly $2 billion have been liquidated this week
- Payments-focused cryptocurrency XRP is on track for its best weekly performance since November 2024 after a U.S. Treasury announcement fueled market speculation that policymakers could ultimately
Summary
The price rise has cleared a significant amount of bearish bets from the market. The risk-on rally has been triggered by the Treasury’s bond buyback announcement, which has sparked hopes of a full-blown yield curve control. Payments-focused cryptocurrency XRP is on track for its best weekly performance since November 2024 after a U.S. Treasury announcement fueled market speculation that policymakers could ultimately resort to yield curve control (YCC), an aggressive monetary-easing tool. XRP has surged 51% to $1.50 since Monday, beating its peers, bitcoin BTC $ 77,430.25, ether ETH $ 2,448.51, and Solana (SOL), by a big margin, according to data from CoinDesk. XRP's outperformance follows a period of lackluster price action, during which the cryptocurrency consistently lagged the broader market's bounce.