XRP Surges 18.8% to $1.24 Amid Crypto Rally

XRP led a wider crypto recovery on Thursday, surging 18.8% in one day to reach $1.24, its highest price in months. The rally came as part of an altcoin surge, with XRP, Ether, and HYPE posting gains of at least 20% in a single day.

Coinbase Global, Inc. also saw significant gains, advancing 7.58% to $172.35, adding approximately $3.2 billion to its market value. The comparison between the two does not suggest XRP was solely responsible for Coinbase's overall increase, as other cryptocurrencies and stocks also advanced.

The Treasury proposal to increase buybacks of longer-term bonds and President Donald Trump's call for Congress to approve the Clarity Act are seen as triggers for the rally. Analyst Alex Kuptsikevich noted that a wave of short-covering fueled the gains, but this process does not necessarily reflect persistent demand.

Coinbase reported a 22% drop in Q2 transaction revenue, highlighting the importance of volumes in its business. The company's market capitalization rose by approximately $3.20 billion on Thursday, capturing about 26% of XRP's overall gain.