XRP recently added $10.14 billion to its market value in a single day as its price jumped 15.46%, pushing the token above the $1 mark. The asset reached $1.16 before settling around $1.15, lifting its total market capitalization to $72.77 billion—its highest level since July 4. This performance made XRP the third-biggest gainer among the top 10 crypto assets by market value and positioned it ahead of USDC.
The wider cryptocurrency market recovery saw total valuation climb to a three-month high of $2.41 trillion, with the market adding $161 billion in a single day and an additional $58 billion shortly after. Bitcoin also crossed the $72,000 threshold for the first time since early June.
Catalysts Behind the Market Surge
Several macroeconomic and market factors contributed to the recent price action:
- Treasury Liquidity Operations: Under Secretary Scott Bessent, the US Treasury announced plans to at least double liquidity-support operations for longer-dated Treasuries, raising each operation from roughly $2 billion to at least $4 billion starting around September 9. This followed a multi-year high in 30-year Treasury yields near 5.34%.
- Short Liquidations: Initial price gains triggered widespread liquidations of crypto short positions, with approximately $2.7 billion to $3 billion liquidated across the market within 24 hours. The resulting forced buybacks added further upward pressure.
- White House Engagement: Sentiment was also supported by political developments, including a White House meeting between President Trump and crypto executives from companies such as Ripple, Coinbase, Gemini, and Chainlink Labs. During the event, Trump urged Congress to advance a fair version of the Digital Asset Market Clarity Act.
Despite the recent gains, XRP remains behind BNB in market capitalization, which sits at $85.5 billion. Based on current figures, XRP would need to gain another 18%, bringing its price to approximately $1.36, to match BNB's valuation.
