XRP Surges to Fifth Place as Treasury Announces Double Buybacks
XRP's price has surged over 20% in the past 24 hours, making it the fifth-largest cryptocurrency by market value. The sudden move has left analysts wondering what triggered this rally.
The answer lies outside the crypto space. On August 19, the US Treasury announced that it would double its long-end buyback operations, from $2 billion to at least $4 billion per operation, starting on September 9 and running through November 4.
This announcement sent shockwaves throughout the market, causing yields to fall and the dollar to weaken. The 30-year Treasury yield dropped to 5.196% after hitting a high of 5.34%, its highest since 2007. This move pulled money out of riskier assets like crypto into bonds that suddenly pay well.
XRP's price has cleared five resistance levels in three days, reclaiming the $1.00 support and breaking above the $1.20 ceiling. The cryptocurrency now trades at $1.24, with a market value of $77.47 billion, surpassing USDC's $72.27 billion.