XRP Notches Best Week Since 2024 Election Pump on Bitcoin Short Squeeze

In brief

• XRP gained 10.40% on Wednesday alone, its biggest daily jump since February 6, then extended the rally Thursday, up roughly 30% for the week.
• The move traces back to Bitcoin's break above $72,000, fueled by a record short squeeze and a U.S. Treasury plan to double long-bond buybacks starting September 9.
• XRP's own ETF inflows fell during the spike even as the token outperformed Bitcoin, and futures open interest has already dropped more than 11% off its rally-day peak.

XRP, the cryptocurrency created by the co-founders of Ripple, is trading near $1.29, up a whopping 30% since last weekend's close under $1.

The move represents the coin’s strongest week in months, and one that started from a level it hadn't touched since right before its 2024 election pump. The token bottomed at $0.9862 last week, the same zone it sat in just before November 2024's post-election rally carried it toward an all-time high near $3.65.

Wednesday's session did the heavy lifting. XRP gained 10.40% that day, its sharpest single-day move since February 6, when the token also jumped more than 20%. Thursday brought a second leg higher, pushing the weekly candle toward $1.32, the closest it has been to breaking the average price of the last 200 days since the beginning of the year..