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XRP jumped nearly 50% over the past week, posting its biggest weekly gain since November 2024. An expansion of the U.S. Treasury’s long-term bond buyback program stoked appetite for risk assets, while a wave of short-position liquidations across the crypto market and inflows into XRP spot exchange-traded funds (ETFs) added to the rally.
XRP traded at $1.47 as of 2:30 p.m. on the 24th, up 47.45% from a week earlier, according to global crypto data site CoinMarketCap. Over the same period, Bitcoin (BTC) rose 21.49% and <a href="https://xpertsstudio.com/ethereum-extends-strength-against-bitcoin-as-eth-btc-jumps-25-in-two-months/” title=”Ethereum Extends Strength Against Bitcoin as ETH/BTC Jumps 25% in Two Months”>Ethereum (ETH) gained 29.03%, leaving XRP’s advance far ahead of the major cryptocurrencies. XRP had fallen to around $1 in mid-month before rebounding quickly, approaching $1.70 on the 22nd.
The rally gained momentum after the U.S. Treasury announced an expansion of its long-term bond buyback program. From September 9 to November 4, the Treasury plans to buy back more than $4 billion in bonds maturing in 10 to 30 years per operation, double the previous limit. Rising expectations that pressure from higher long-term yields could ease drew buying into risk assets, including cryptocurrencies.
Large-scale liquidations in the derivatives market also fueled the broader gains. According to crypto data analytics firm Coinglass, short positions liquidated across the crypto market, including BTC, exceeded $4 billion over the two days of the 20th and 21st. Because XRP had lagged relatively during the earlier market recovery, its gains proved larger once investor sentiment improved.
Supply and demand for XRP itself also improved. According to crypto information provider SoSoValue, U.S. XRP spot ETFs drew net inflows of $39.78 million last week, the largest weekly net inflow since May. Net inflows on the 21st alone reached $18.38 million, nearly half the week’s total. Of that, $16.89 million went into the Bitwise XRP ETF. Cumulative net inflows since XRP spot ETFs launched have grown to about $1.55 billion. Even so, despite the surge, XRP’s price remains more than 50% below its level a year ago.
#XRP#Cryptocurrency#Ripple#CryptoRally#ETF#Bitcoin#Ethereum
Original reporting by Do Ye-ri for Seoul Economic Daily.
AI-translated from Korean. Quotes from foreignxact original wording
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