Ripple’s XRP extended its upward momentum on Thursday, trading above $1.10 after jumping more than 11% in the previous session. The rally positioned XRP ahead of Bitcoin in 24-hour performance, reflecting robust demand across the cryptocurrency market.
Treasury buybacks drive risk rally
Investor sentiment improved after the US Department of the Treasury announced it would double the size of certain debt buyback operations focused on longer-dated Treasury securities. The department raised its liquidity-support buybacks for these securities from $2 billion to at least $4 billion per operation, aiming to bolster liquidity in the government bond market.
Growing confidence in US Treasury liquidity encouraged traders to rotate into riskier assets, sparking a broad surge in cryptocurrency prices. The move contributed to a notable short squeeze that accelerated price gains across many digital assets, including XRP.
Data from CoinGlass indicated that 172,642 traders were liquidated in the past 24 hours, with total crypto liquidations reaching $3.21 billion. XRP alone recorded $120.71 million in liquidations within this timeframe.
ETH
SOL
BSC
ROBINHOOD
USDT
AAPLOf the liquidated positions in XRP, long trades represented more than 85%, showing that many traders continued to bet on upward price movements despite the fast rally.
XRP saw over $120 million in liquidations over the past day, led by elevated leveraged long positions even as the token outperformed the broader market.
The influence of increased Treasury buybacks on crypto demand has highlighted the sensitivity of digital asset markets to changes in liquidity and investor risk appetite.
Mini dictionary: The US Department of the Treasury is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. It manages federal finances by collecting taxes and paying bills and plays a central role in maintaining liquidity in government bond markets.
| Asset | 24h Liquidations | Longs % | Current Price |
|---|---|---|---|
| XRP | $120.71 million | 85%+ | $1.14 |
| All crypto | $3.21 billion | N/A | N/A |
XRP technicals: Key levels in focus
XRP traded around $1.14 on Thursday, holding above the 50-day Exponential Moving Average (EMA) at $1.076. This technical indicator is often used by traders to assess medium-term momentum and support zones.
Despite the current strength, XRP remains under the 100-day EMA at $1.153 and the 200-day EMA at $1.338. These moving averages represent significant resistance levels that could hinder further upside for the token.
The token also reclaimed a descending trendline near $0.995, turning a former resistance level into a potential support area. Market analysts interpret this move as an attempt by buyers to establish a stronger recovery pattern for XRP.
Momentum indicators reflect sustained buying interest. The Relative Strength Index (RSI) stands near 63, edging toward overbought territory, while the Moving Average Convergence Divergence (MACD) has crossed above its zero line, signaling strengthening bullish momentum.
However, significant technical barriers remain. A close above the 100-day EMA at $1.153 could pave the way toward horizontal resistance at $1.300 and the 200-day EMA at $1.338. Breaching these levels may bring longer-term resistance at $1.900 into focus for traders watching XRP’s advance.
On the downside, the 50-day EMA at $1.076 serves as the first meaningful support, followed by psychological support at $1.00 and the former trendline near $0.995. A sustained move below $0.995 could undermine the bullish outlook and trigger a deeper correction.
While XRP’s indicators suggest strong momentum, traders remain watchful of key resistance points at $1.153 and $1.338 that must be overcome to confirm a prolonged recovery.
