XRP Surges 71% as Active Addresses Jump 655%

XRP has seen an impressive surge in on-chain activity and price over the past few days. Active addresses have skyrocketed by 654.71%, jumping from 47,180 to 356,070. This significant increase in network participation coincides with a 71% price jump to $1.699.

The price surge outperforms major cryptocurrencies like Bitcoin and Ethereum, and is largely attributed to the US Treasury's announcement of a $4 billion long-term bond buyback. This move injected liquidity into the market and reduced short positions, contributing to XRP's price increase.

Additionally, the crypto options market on Coinbase signals high expected volatility for XRP, anticipating a ±13.1% price swing by August 30. However, risks of a sharp correction remain due to concentrated open interest near current price levels.