XRP Soars 30% Amid Bitcoin Short Squeeze and Treasury Bond Buybacks

XRP's price surged 30% over the past week to trade near $1.29, outperforming Bitcoin and reigniting debate about its momentum.

The rally was triggered by a historic short squeeze in Bitcoin, which pushed the world's largest cryptocurrency above $72,000 on Thursday for the first time since a June flash crash.

The U.S. Treasury announced it would nearly double its long-term bond buybacks to at least $4 billion per operation starting September 9, sparking a broad risk-asset rally and liquidating more than $3 billion in short positions across the crypto market.

XRP's price jumped on Wednesday, gaining 10.40% in a single session, its sharpest one-day move since February 6.