XRP has recorded its best week since its 2024 election pump, with the token up roughly 30% over the period as a record Bitcoin short squeeze — amplified by a U.S. Treasury plan to double long-bond buybacks starting September 9 — lifted the broader cryptocurrency market.

XRP was created by the co-founders of Ripple, the payments company whose years-long legal fight with the U.S. Securities and Exchange Commission over whether the token was sold as an unregistered security became one of crypto's defining regulatory battles, and it remains among the largest cryptocurrencies by market value. The token is trading near $1.29, up about 30% since last weekend's close below $1. The move represents the coin's strongest week in months, and it began from a level the token had not touched since the period just before its 2024 election pump. XRP bottomed at $0.9862 last week — the same zone it occupied immediately before November 2024's post-election rally, a surge that followed Donald Trump's win amid expectations of friendlier crypto policy, 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 and bringing the coin closer to breaking above its average price of the last 200 days, a long-term trend gauge that many traders treat as the dividing line between an extended downtrend and a recovery, than at any point since the beginning of the year.

The spark was Bitcoin, as is typically the case with altcoins — everything in crypto other than BTC. Bitcoin punched past $72,000 on 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. The announcement triggered $3 billion in short liquidations over 24 hours, and liquidations are what let a squeeze snowball: exchanges automatically close leveraged positions when prices move against them, and the forced buy-backs of those shorts push prices higher still. The news also landed hours before Trump met crypto executives from Coinbase, Ripple, and Robinhood at the White House — the latest engagement with an industry the administration has courted through a string of crypto-friendly policy moves this year.

That is one way to read the bullish move, but it is worth noting that XRP outran what its usual correlation to Bitcoin would predict.

On the daily chart, the Relative Strength Index (RSI) spiked to 79.2. RSI measures momentum on a scale from 0 to 100, with low figures indicating that an asset is oversold and high numbers signaling overbought; at nearly 80, XRP is deep into overbought territory. The coin's Average Directional Index (ADX) score is holding well above 29, indicating increasing trend strength due to the explosive movement. ADX measures trend strength regardless of direction, with anything over 25 signaling a confirmed trend.

The money backing the rally tells 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. Spot XRP funds are new arrivals themselves, cleared for U.S. trading only this year, so the flow figures remain an early read on institutional demand for the token.

Futures open interest has already dropped 11.31% from its rally-day reading, and XRP still trades about 17.5% below its 200-day trend. Those numbers set the checkpoints to watch from here: whether the token reclaims that 200-day line, and whether fund inflows catch up to a price that has so far outrun them.

In a nutshell, that all means this: it is a big move, one that is sure to make XRP holders very happy. But in order to convince the bears, given the long-term trajectory, the asset must continue posting gains — even if at a slower pace — to activate signals of a sustained trend reversal.