XRP recorded its strongest weekly performance in months, climbing approximately 30% since the previous weekend's close under $1 to trade near $1.29. The token bottomed at $0.9862 last week before staging a sharp recovery.
The heavy lifting of the rally occurred on Wednesday, when XRP gained 10.40% in its biggest single-day jump since February 6. A second leg higher on Thursday pushed the weekly candle closer to the token's 200-day average price.
The broader market movement was sparked by Bitcoin, which pushed past $72,000 following a U.S. Treasury announcement to double long-bond buybacks to at least $4 billion per operation beginning September 9. The announcement triggered $3 billion in short liquidations over 24 hours.
XRP outpaced its typical correlation to Bitcoin, driving its Relative Strength Index (RSI) to 79.2, placing the token deep into overbought territory. Additionally, the Average Directional Index (ADX) score held above 29, signaling an increasing trend strength.
Despite the strong price action, underlying metrics presented a mixed picture. Daily XRP ETF inflows fell from $5.81 million to $2.35 million during the spike, while Bitcoin ETFs recorded $517 million in inflows. Furthermore, futures open interest has dropped over 11% from its peak on the day of the rally, and the asset continues to trade below its 200-day trend.
