XRP Market Cap Surges Over $30 Billion in One Week

XRP's market capitalization has surged by over $30 billion in just one week, marking one of the most dramatic price rebounds in recent memory. The cryptocurrency's price has risen nearly 50% from $0.99 to $1.47, levels last seen in May this year.

The rally gained momentum after the U.S. Treasury announced larger buyback operations for longer-dated government debt, which will increase the maximum amount purchased in individual operations from $2 billion to at least $4 billion. This change applies to nominal securities with maturities of 10 to 20 years and 20 to 30 years, beginning September 9.

A sharp reduction in bearish derivatives positions led to $3.35 billion in crypto positions liquidated over 24 hours on August 20, affecting the broader cryptocurrency market and propping XRP further. As a result, the estimated leverage ratio for XRP derivatives has climbed to its highest level since early January, sitting at 0.21 on Binance.

Crypto analyst EGRAG Crypto believes that XRP's next major move could depend on whether it can secure a weekly close above $1.65. A rejection at this level could send the token back, with the $0.85-$1.05 range as a potential macro bottoming zone.