XRP surges 51% on Treasury bond buyback news

XRP surged 51% this week, reaching approximately $1.50 on August 23, marking its strongest weekly performance since November 2024. The rally, which outpaced gains in Bitcoin, Ether, and Solana, was primarily triggered by a U.S. Treasury Department announcement to expand its bond buyback program. This move eased broader market concerns about rising government debt costs and sparked a risk-on sentiment across the cryptocurrency sector. The Treasury announced it will repurchase $4 billion or more of its own long-duration bonds between September 9 and November 4, doubling a previous threshold.