XRP Rockets 51% in a Week: Treasury Moves and Short Squeeze Fuel Rally

Key Takeaways

• XRP posted a remarkable 51% gain this week, reaching $1.50—the strongest weekly performance since November 2024
• A U.S. Treasury decision to repurchase $4 billion in long-term bonds sparked the broader crypto rally
• Short liquidations totaling nearly $2 billion intensified XRP’s upward momentum
• Large holders have positioned significant sell orders between $1.48 and $2.00, creating potential resistance
• Binance’s reserves stand at 2.62 billion XRP, indicating substantial available exchange supply

XRP experienced a powerful 51% rally this week, hitting $1.50 on August 23. This represents the token’s strongest weekly showing since November 2024. The performance significantly outpaced bitcoin’s 22%, ether’s 30%, and Solana’s 28% gains during the identical timeframe.

XRP Price

The primary trigger came from the U.S. Treasury Department. Between September 9 and November 4, Treasury officials plan to repurchase $4 billion or more of their own bonds with 10- to 30-year maturities, effectively doubling the earlier $2 billion threshold. Market participants interpreted this action as an indication that authorities might be attempting to control escalating bond yields.

Long-term bond yields climbed to their highest points since 2007 earlier in the week. This development sparked worries about government borrowing expenses and dampened enthusiasm for riskier investments. The Treasury’s buyback program calmed these fears and triggered widespread gains throughout the cryptocurrency market.

XRP’s rally also benefited from substantial short position liquidations. According to Coinglass data, approximately $2 billion worth of short bets were forcibly closed this week. Such compulsory purchasing activity can rapidly accelerate price movements.

Major Holders Establish Resistance Zones

Market observer CW shared on X that significant sell orders from large holders are positioned at $1.4824, $1.69, $1.70, $1.80, $1.95, and $2.00. CW identified several of these resistance points as originating from substantial Coinbase-associated wallets. The analyst also highlighted a major buy order near $1.30 that could provide downside protection if prices retreat.

CW observed that the closest sell barrier remained intact. According to the analyst, a decisive move above this level could create a path toward $2.15 with minimal obstacles between current prices and that target.

Bitstamp records indicated XRP was changing hands near $1.48 on August 23, following an intraday peak of $1.52. Daily trading activity totaled approximately $13.23 billion across 24 hours. The token’s market capitalization stood around $92.72 billion.

Exchange Supply Remains Elevated on Binance

According to CryptoQuant analytics, Binance currently maintains approximately 2.62 billion XRP in its exchange wallets. This quantity accounts for roughly 2.6% of XRP’s maximum total supply of 100 billion tokens.

Source: CryptoQuant

Exchange holdings had generally declined throughout most of 2026 before leveling off. Nevertheless, 2.62 billion tokens constitutes a substantial readily-available supply that could create selling pressure if market participants choose to liquidate.

Despite this week’s impressive performance, XRP has only reclaimed approximately 20% of its losses from the all-time peak of $3.65 established in July of last year. The asset traded below $1 as recently as the previous week.

CW also identified a golden cross formation between the EMA lines on the RSI indicator, characterizing it as a positive technical development. The immediate challenge is whether purchasing momentum can overcome the initial whale resistance in the $1.48 to $1.50 range.

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