XRP hits $1.29 after Bitcoin’s $72,000 breakout triggers a short squeeze and U.S. Treasury bond buyback announcement.
XRP climbed nearly 30% this week to $1.29, marking its strongest performance since the 2024 election rally. The token’s 10.4% gain on Wednesday was its largest single-day jump since February, driven by Bitcoin’s surge past $72,000.
The rally follows a record Bitcoin short squeeze and the U.S. Treasury’s plan to double long-bond buybacks starting September 9. XRP had bottomed at $0.9862 last week, mirroring levels before its November 2024 post-election surge to near $3.65.
Despite the gains, XRP ETF inflows declined during the spike, and futures open interest dropped 11% from its peak. Bitcoin’s move typically lifts altcoins, but XRP’s outperformance came amid mixed derivatives activity.