XRP Price Surges 70% Before 13% Pullback in Volatile Market Move

XRP's price has seen a significant rally in recent days, surging by nearly 70% from its cycle low of $0.9877 on August 17 to a high of $1.69 on August 22. This move outpaced both Bitcoin and Ethereum, with XRP climbing by roughly two-to-one compared to the latter during the initial leg.

The catalyst for this rally was not a change in sentiment or optimism about XRP's prospects, but rather the exhaustion of sell-side pressure. With traders who had been waiting on the SEC case, ETF approvals, and institutional bid finding themselves watching a top-ten asset trade like a savings account with worse odds, there were few left to sell.

The announcement by US Treasury under Secretary Scott Bessent that it would at least double the size of its long-end buyback operations from $2 billion to a minimum of $4 billion per operation between September 9 and November 4 provided the spark. This move loosened liquidity conditions, allowing capital to rotate back down the risk curve.