XRP Price Jumps 50% in 7 Days, Adds Over $30 Billion to Market Capitalization

XRP's price surge has added over $30 billion to its market capitalization in just seven days, according to Finbold. The token's price jumped 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 and a sharp reduction in bearish derivatives positions led to $3.35 billion in crypto positions liquidated over 24 hours on August 20.

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