XRP Surges 51% as Yield Curve Control Hopes Rise

Payments-focused cryptocurrency XRP has surged 51% to $1.50 since Monday, outperforming its peers in the crypto market.

The surge follows a U.S. Treasury announcement that it will buy back $4 billion or more of its own long-duration bonds on multiple occasions from Sept. 9 to Nov. 4.

This move has sparked hopes of yield curve control, an aggressive monetary-easing tool used by central banks to cap the rise in yields and support risk-taking in financial markets.

While some view this as a liquidity-management operation, others see it as a sign that policymakers may resort to YCC to address rising yields on longer-duration bonds, which have hit their highest levels since 2007.

XRP's price rise marks just a 20% recovery of the brutal bear-market slide from its record high of $3.65 in July last year to under $1 a week ago.