XRP Whales Fuel Breakout as Bulls Eye $1.50

XRP has broken out of its recent trading range, surging over 18% in the past 24 hours to reach $1.31.

This price jump brings the $1.50 level back into focus for XRP bulls, who are looking to force a move towards this target.

The rally has come as cryptocurrency prices moved higher alongside Bitcoin, which climbed past $75,000 during Asian trading on Friday after first breaking through $70,000.

This increase in price was likely influenced by the US Treasury's decision to at least double the size of liquidity-support buybacks for longer-dated government debt.

The Treasury said the changes apply to longer-dated nominal coupon securities covering the 10-to-20-year and 20-to-30-year sectors, leading markets to respond with lower yields and a weaker US dollar.

Cryptocurrencies and other risk assets have gained as a result, with XRP being one of the biggest beneficiaries.

Large $XRP holders, or 'whales,' have been buying during the recovery, accumulating over 300 million tokens within 96 hours according to crypto analyst Ali Martinez.