XRP Surges 51% as Treasury Buyback Eases Debt Concerns

XRP has experienced its best weekly gain since November 2024, surging 51% to $1.50 on August 23.

The rally was triggered by a U.S. Treasury announcement that it will buy back up to $4 billion in long-duration bonds from September 9 to November 4.

This move eased concerns about government debt costs and reduced appetite for risk assets, sending crypto prices higher across the board.

Nearly $2 billion in short positions were liquidated this week, contributing to XRP's price surge.