XRP on track for biggest weekly gain in 21 months as Treasury buyback spurs 'curve control' hopes
XRP has experienced a significant 51% price surge this week, outperforming major cryptocurrencies like Bitcoin and Ethereum. The rally is largely attributed to market optimism following the U.S. Treasury's decision to increase its long-duration bond buyback program, which investors hope signals yield curve control.
Why it matters
The correlation between Treasury liquidity operations and crypto market volatility highlights how macroeconomic policy continues to influence speculative digital asset markets.
XRP has surged 51% to $1.50 since Monday, beating its peers, bitcoin BTC $ 77,282.05 , ether ETH $ 2,446.46 , and Solana (SOL), by a big margin, according to data from CoinDesk. BTC and ETH have gained 22% and 30%, respectively, while SOL has rallied 28%.
XRP's outperformance follows a period of lackluster price action , during which the cryptocurrency consistently lagged the broader market's bounce. It has been characterized by a massive unwinding of short, or bearish, bets in futures. According to the data source Coinglass, shorts worth nearly $2 billion have been liquidated this week.
The surge in XRP and other tokens began early this week after the U.S. Treasury said that, from Sept. 9 to Nov. 4, it will buy back $4 billion or more of its own long-duration (10- to 30-year) bonds on multiple occasions, double the previous $2 billion cap.
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