XRP Whipsaws Below $1, Then Surges on Treasury News

XRP's price action has been volatile in recent days, with the token briefly dipping below $1 before rebounding and closing the session up 5.9 percent.

The move caught traders who had shorted XRP off guard, leading to a wave of liquidations worth billions.

The catalyst for the price action was the US Treasury's announcement that it would double its bond buyback program to $4 billion starting September 9, sending yields and the dollar lower while boosting risk assets.

Ripple's corporate machinery has been humming along in the background, with Ripple Prime completing its first bond issuance on Tuesday: an upsized private placement of senior unsecured notes worth $275 million.