XRP's Stunning 40% Surge Triggers Speculation About All-Time High Rebound
XRP's price has surged by over 40% in just one week, outperforming both Ethereum and Bitcoin. The surge comes on the back of a rally that wiped out $1.4 billion worth of short positions in the crypto market.
The US Treasury announced it would double its long-term bond buybacks from $2 billion to at least $4 billion per operation starting September 9, causing the 30-year Treasury yield to fall back to 5.192%. This led to a shift towards riskier assets and saw roughly $1.4 billion of bets against crypto being closed out in four hours as prices climbed.
Goldman Sachs has also made significant investments in XRP exchange-traded funds, holding $86.5 million across five such funds, after selling its entire XRP position just one quarter prior. Ripple is building an institutional lending platform on the XRP Ledger with Clearpool and Cicada Partners, but the loans are denominated in RLUSD, Ripple's dollar-pegged stablecoin.
XRP needs a 172% gain in 25 days to hit its all-time high of $3.84, which it last achieved on January 4, 2018. However, past performances suggest that this may not be feasible, with XRP having managed such a gain only six times in the past thirteen years.