XRP Price Explodes After Bear Trap Reversal

XRP has seen an explosive price increase of 6.62% in a single day, after initially breaking down to $0.99524 from its opening price of $1.00123.

The move is attributed to the US Treasury's decision to double its long-dated bond buybacks, which pushed yields and the dollar lower, prompting a market-wide rally in risk assets.

XRP's technical analysis reveals that it had been forming a bearish pattern on its daily chart since late July, with multiple lower highs and a break below $1.00.

However, the price quickly reversed, snapping back above the dollar and reaching an intraday high of $1.07400, marking a 7.91% reversal in a single session.