XRP Notches Best Week Since 2024 Election Pump on Bitcoin Short Squeeze
XRP has surged to about $1.29, up roughly 30% from last weekend’s close below $1, marking its strongest week in months. The rally began from a low near $0.986, a level last seen before XRP’s 2024 post-election run toward its all-time high near $3.65. Wednesday delivered the biggest jump, with a 10.4% gain, followed by another push on Thursday that brought price close to the 200-day average for the first time this year. Bitcoin’s break above $72,000 helped lift altcoins, after Treasury buyback news triggered major short liquidations. But XRP outpaced its usual Bitcoin-linked move. Momentum looks stretched: RSI reached 79.2, signaling overbought conditions, while ADX shows a strong trend. Still, supporting flows were weaker than Bitcoin’s, with XRP ETF inflows falling as Bitcoin ETFs drew large capital. Futures open interest also dropped, and XRP remains about 17.5% below its 200-day trend, suggesting more gains are needed to confirm a durable reversal.
