XRP Erases Its Most Bearish Signal—And the Ripple-Linked Coin Is Flying

In brief

• XRP jumped as much as 14.21% in 24 hours to $1.40, making it the best-performing asset among the top 10 cryptocurrencies by market cap today.
• The daily candle closed above both the 50-day and 200-day EMAs for the first time since XRP's death cross locked in earlier this month.
• The move rides the same Bitcoin short squeeze and Treasury-driven liquidity wave that's been ripping through crypto all week.

Crypto is having one of its best weeks in months, and XRP just grabbed the wheel.

Bitcoin punched through $72,000 this week on the back of a record short squeeze—traders who bet on lower prices getting forced to buy back at higher ones, which pushes the price up even further—fueled by a U.S. Treasury plan to nearly double its long-bond buybacks starting September 9. Today Bitcon is trading above $77,000 with an intraday high of $79,000.

Traders have nicknamed the move "QE Lite," since loosening bond markets this way echoes the old Federal Reserve stimulus playbook even though it's coming from a different part of government. Risk assets across the board caught the bid. XRP caught it the hardest.

On the daily chart, XRP opened Friday at $1.2681, tapped an intraday high of $1.4300, and is trading near $1.40 as of this writing—a 10.52% gain on the candle alone.