XRP has surged 47.5% in seven days, trading near $1.47 on August 24, 2026, putting the payments-focused cryptocurrency on course for its strongest weekly performance since November 2024. The altcoin reached a high of $1.54 during the rally, with daily trading volume standing at approximately $4.72 billion and market capitalization reaching $92.3 billion. The token remains about 59.6% below its July 2025 record high of $3.65, showing that the current rally has recovered only part of the previous bear market decline. XRP's 35.2% monthly gain supports the improved medium-term structure, though its 51.5% decline over the past year indicates that a broader recovery has not been completed. The crypto briefly moved above $1.50 before giving back part of the advance, with the Fear & Greed Index climbing to 72 from 62 in just 24 hours, signaling rising risk appetite.
The rally began after the U.S. Treasury announced it would double planned long bond buybacks to at least $4 billion per operation starting September 9, 2026. Treasury Secretary Scott Bessent announced expanding operations from $2 billion to at least $4 billion per session, with the larger operations remaining in effect through November 4. The Treasury buybacks helped XRP and risk assets rally as long-term Treasury yields initially fell following the announcement, while the U.S. dollar weakened and risk assets advanced. Some traders interpreted the move as a possible step toward "yield curve control," though Treasury described the operations as liquidity support for parts of the bond market. Marketwide short liquidations exceeded $1.2 billion during one 24-hour period, with CoinGlass data showing approximately $1.2 billion in cryptocurrency shorts liquidated within that period. The larger operations will remain in effect through November 4, according to the official statement, providing continued support for the rally.
The rally represents a unique convergence of macro, political, on-chain, and institutional catalysts that created feedback loops amplifying the move beyond what any single headline could produce. The Treasury buyback that unlocked the rally came on August 19 when Treasury Secretary Scott Bessent announced expanding operations from $2 billion to at least $4 billion per session starting September 9. The White House crypto summit on August 19 saw Ripple CEO Brad Garlinghouse attend alongside SEC Chairman Paul Atkins, advancing the CLARITY Act that would classify XRP as a digital commodity under CFTC oversight. Whale addresses holding between 1 million and 10 million XRP accumulated approximately 380 million tokens in one week, pushing tracked holdings from 16.05 billion to 16.36 billion XRP while exchange outflows exceeded 240 million tokens since summer began. Spot XRP ETFs attracted $39.78 million in net inflows for the week ending August 22, bringing cumulative inflows since launch to $1.55 billion across seven approved funds.
XRP's price breakout was accompanied by volume of 77.59 million tokens, while the Chaikin Money Flow remained positive at 0.13 and the Klinger Oscillator stood at 18.31 million, above its 10.1 million signal line, indicating continued buying pressure. The estimated leverage ratio for XRP derivatives on Binance has climbed to its highest level since early 2026, with an increasing ratio meaning open interest is growing relative to the exchange's XRP reserves. Immediate resistance sits between the recent $1.54 high and the next psychological level around $1.60, with a sustained close above that region confirming buyers remain active after the initial short squeeze. The first nearby support is around $1.44, the lower end of the latest daily range, with a deeper decline toward $1.30 returning the crypto to the area traded during the earlier stage of the breakout. The weekend flash crash on August 22 saw approximately $500 million in XRP long positions liquidated in minutes when the price dropped from $1.69 to $1.43 before recovering.
Market sentiment remains robust, with the Fear & Greed Index climbing to 72 from 62 in just 24 hours, signaling a rising risk appetite that continues to ground the current rally. Within 24 hours, more than $3 billion in short positions across the crypto market were liquidated, with Bitcoin shorts alone accounting for $2.75 billion—the largest short-liquidation event in crypto history. So far this week, inflows total $21.4 million, bringing cumulative volume to $1.53 billion and net assets under management to $1.17 billion. Retail demand increased on Friday, with perpetual futures Open Interest (OI) averaging 2.5 billion XRP, from 2.42 billion XRP. However, increased selling by long-term holders could challenge the rally, with key support at $1.30 and potential resistance at $1.50 if momentum continues. The bears are keeping XRP's rally blocked at $1.06 and again between $1.12 and $1.15, with the token needing to clear $1.32, where it last traded in May, and then the 200-day moving average near $1.38 to continue its upward trajectory.
