XRP Price Drops Below $1.50 as Profit-Taking Takes Hold

XRP's price dropped below $1.50 after a sharp rally that saw it climb above $1.69.

The token rallied roughly 50% between August 19 and 23, before profit-taking and an unwind of leveraged positions pushed it back down.

The main catalyst for the initial surge was a broader crypto market rally following a major US Treasury announcement that it would at least double the size of buybacks for some longer-dated government bonds from September 9.

This led to falling bond yields and increased demand for riskier assets, including Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA).

XRP's continued expansion of XRP Ledger infrastructure also provided additional support to the token's price.