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

XRP is trading near $1.29, up roughly 30% since last weekend's close under $1, in what Decrypt and Yahoo Finance describe as the coin's strongest week in months and its best since the 2024 election pump. The token bottomed at $0.9862 last week, a zone it last occupied just before November 2024's post-election rally carried it toward an all-time high near $3.65. Wednesday did the heavy lifting with a 10.40% single-day gain, XRP's sharpest since February 6, and Thursday extended the move toward $1.32. The catalyst, per the sources, was Bitcoin breaking above $72,000 after the U.S. Treasury said it would double long-bond buybacks starting September 9.

Background

The sources frame XRP's move as a familiar pattern: altcoins following Bitcoin, which they define as everything other than BTC in crypto. Bitcoin punched past $72,000 on Thursday, its highest price since a June flash crash, after the U.S. Treasury announced it would double long-bond buybacks to at least $4 billion per operation starting September 9. That announcement triggered $3 billion in short liquidations over 24 hours and landed hours before Trump met crypto executives from Coinbase, Ripple and Robinhood at the White House. Decrypt notes that XRP outran what its usual correlation to Bitcoin would predict. The starting point matters too: XRP's $0.9862 bottom last week sat in the same zone as just before November 2024's post-election rally, which carried the token toward an all-time high near $3.65. Decrypt also notes XRP still trades about 17.5% below its 200-day trend, and that Thursday's push toward $1.32 was the closest the weekly candle has come to breaking the average price of the last 200 days since the beginning of the year. The sources describe the rally as technically stretched but not yet a confirmed reversal.

What happened

Decrypt reports that XRP gained 10.40% on Wednesday alone, its biggest daily jump since February 6, when the token also jumped more than 20%. Thursday brought a second leg higher, pushing the weekly candle toward $1.32 and taking the weekly gain to roughly 30%. The token bottomed at $0.9862 last week, a level it had not touched since right before its 2024 election pump. Decrypt attributes the spark to Bitcoin, which punched past $72,000 Thursday, its highest price since a June flash crash, after the U.S. Treasury said it would double long-bond buybacks to at least $4 billion per operation starting September 9. That announcement triggered $3 billion in short liquidations over 24 hours and landed hours before Trump met crypto executives from Coinbase, Ripple and Robinhood at the White House. Decrypt notes XRP outran what its usual correlation to Bitcoin would predict. On the daily chart the Relative Strength Index spiked to 79.2, deep into overbought territory, while the Average Directional Index held well above 29, indicating increasing trend strength. Yahoo Finance carries an account matching Decrypt's on prices, dates and indicators. CryptoNews.net republishes the Decrypt report under the headline about XRP notching its best week since the 2024 election pump on a Bitcoin short squeeze. None of the sources present conflicting figures.

Market impact

The numbers in the sources describe a sharp but unevenly funded move. XRP traded near $1.29, up about 30% from last weekend's close under $1, with the weekly candle pushing toward $1.32. Wednesday's 10.40% gain was the largest single day since February 6. Momentum gauges flashed hot: the daily RSI hit 79.2, which Decrypt describes as deep into overbought territory, and the ADX held well above 29, above the 25 threshold the sources cite for a confirmed trend. Flows told a different story. Daily XRP ETF inflows fell from $5.81 million to $2.35 million on the same day the token beat Bitcoin's gains, while Bitcoin ETFs pulled in $517 million, their biggest single-day haul since May. Futures open interest dropped 11.31% from its rally-day reading. XRP still trades about 17.5% below its 200-day trend, and Thursday's move was the closest the weekly candle has been to breaking that 200-day average since the beginning of the year. Bitcoin's side of the trade produced $3 billion in short liquidations over 24 hours, per Decrypt.

Why it matters

The sources argue the rally is not yet proof of a trend change. Decrypt's summary is that it is a big move sure to make XRP holders happy, but that to convince the bears, given the long-term trajectory, the asset must continue posting gains, even at a slower pace, to activate signals of a sustained trend reversal. The evidence for caution is specific: XRP remains about 17.5% below its 200-day trend, ETF inflows into XRP fell even as the token outperformed Bitcoin, and futures open interest has already dropped 11.31% from its rally-day peak. The macro backdrop the sources describe is a Bitcoin-led short squeeze plus a Treasury buyback plan, not an XRP-specific catalyst, and Decrypt notes XRP outran its usual correlation to Bitcoin. The White House meeting with crypto executives from Coinbase, Ripple and Robinhood is presented as timing context rather than a stated cause. For readers, the sources support one conclusion: the week was XRP's strongest in months, but the durability question remains open.