Explore the latest developments concerning XRP rallies 22%.
XRP rallies 22% but still misses top analyst's price target
XRP rallied 22% in the last 24 hours to hit $1.26 as the broader crypto market rallied following two major announcements on Aug. 19.
First, the U.S. Treasury said it is at least doubling the amount of longer-term government bond buybacks, which will increase market liquidity.
Second, President Donald Trump reiterated his vision to turn the U.S. into a Bitcoin superpower. The president underlined his pro-crypto initiatives such as passing the GENIUS Act and urged the Congress to pass a "fair version" of the CLARITY Act.
Following these positive announcements, the total crypto market capitalization rose 8% in 24 hours to $2.5 trillion.
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XRP Climbs to 5th on Crypto Rankings After Rallying Over 20%
The US Treasury's decision to double bond buybacks triggered $3.3 billion in crypto short liquidations, sending XRP over 20% higher in 24 hours.
Trump met with Ripple CEO Brad Garlinghouse at the White House and pressed the Senate to pass the CLARITY Act on crypto regulation.
XRP holds $5.20 billion more than USDC and is now ranked in fifth place by market value.
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XRP (CRYPTO:XRP) trades at $1.24 after gaining 20.7% in the past 24 hours. Thi si its biggest move since February 6, when it rose 21%. XRP has now passed USDC into fifth place by market value, and is worth $77.47 billion.
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XRP's 28-Day Slide Below Key Indicator Mirrors 2020 Setup That Preceded Major Rally
XRP has languished below the $1.10 threshold for weeks, leading many traders to abandon hopes of a near-term recovery. But crypto analyst Steph Is Crypto sees something different in the charts: a setup that has preceded two of the token's most explosive rallies in its history.
The analyst, known for market commentary across social platforms, examined XRP's weekly chart and identified a long-standing downward trend line originating in 2020. XRP has tested this level twice in the past four years — first in 2020 and again in 2024 — and both encounters triggered sharp price declines. By inverting the chart, Steph argued those drops actually marked the starting points of major bull markets.
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