XRP Surges 40% as Bitcoin's Short Squeeze Lifts Crypto Prices

Crypto prices are soaring this week, with Bitcoin punching through $72,000 and reaching an intraday high of $79,000. This surge is being driven by a record short squeeze fueled by a U.S. Treasury plan to nearly double its long-bond buybacks starting September 9.

XRP has been the biggest beneficiary of this trend, with its price rising 14.21% in the past 24 hours and 40.06% over the past week. This makes it the single best-performing asset among the top 10 cryptocurrencies by market cap today, ahead of Bitcoin's 7.44% and Ethereum's 4.50%.

XRP had been trapped in a death cross for months, which is a bearish signal that forms when the 50-day exponential moving average slips below the 200-day one. However, the XRP price has reclaimed the space above both averages, and this move is usually the first domino before the averages themselves eventually follow.

The indicator panel also backs up the breakout read, with the Relative Strength Index at 83.5, deep overbought territory, meaning a pause or pullback wouldn't be surprising. The Average Directional Index sits at 32.4, comfortably above the 25 level traders use to confirm a real trend.

XRP's best week since the 2024 election pump is riding Bitcoin's short squeeze, and the same Treasury liquidity news lifted a $275 million Ripple bond sale and new SEC crypto exemption rules are in the mix.