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.
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Key Facts
- Fact 1: 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.
- Fact 2: The move traces back to Bitcoin's break above $72,000, fueled by a record short squeeze and a U.S.
- Fact 3: Treasury plan to double long-bond buybacks starting September 9.
- Fact 4: 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.
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.
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Original source: Decrypt
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