XRP Price Soars 47.5% Amid US Treasury Buyback Boost

XRP's price surged by 47.5% in seven days, pushing it to a near $1.47 on August 24. This marks its strongest weekly performance since November 2024.

The rally was triggered by the U.S. Treasury announcing larger liquidity support buybacks for long-dated government debt. The maximum amount purchased in individual operations will increase from $2 billion to at least $4 billion, starting September 9 and lasting through November 4.

Lower yields can make cryptocurrencies more attractive as they don't provide fixed income. However, some traders interpreted the move as a possible step toward 'yield curve control,' although Treasury described it as liquidity support for parts of the bond market receiving large volumes of eligible offers.