Key Takeaways
- XRP posted a 51% gain this week, climbing to $1.50 in its strongest weekly performance since November 2024
- A U.S. Treasury plan to repurchase $4 billion in long-dated bonds sparked the rally
- Short liquidations totaled approximately $2 billion across the week
- Major whale resistance zones are concentrated between $1.48 and $2.00
- Binance’s XRP reserves stand at 2.62 billion tokens, indicating significant exchange-held supply
XRP recorded a 51% weekly gain, pushing the token to $1.50 by August 23. This performance represents the strongest week for XRP since November 2024, outpacing bitcoin’s 22%, ether’s 30%, and Solana’s 28% gains during the same timeframe.
The primary driver came from a U.S. Treasury policy shift. Between September 9 and November 4, the Treasury plans to repurchase at least $4 billion of its outstanding 10- to 30-year bondsādouble the prior $2 billion threshold. Financial markets interpreted this as a potential intervention to limit upward pressure on bond yields.
Long-term bond yields reached their highest points since 2007 earlier in the week, creating anxiety about debt servicing costs and dampening enthusiasm for riskier investments. The Treasury’s buyback program calmed these fears, triggering a broad rally in cryptocurrency markets.
XRP’s surge was further magnified by significant short liquidations. Coinglass tracking data revealed roughly $2 billion in short positions were forcibly closed throughout the week. Such liquidation cascades typically accelerate upward price momentum.
Major Whale Resistance Clusters Emerge
Market observer CW highlighted on X that substantial whale sell orders are positioned at $1.4824, $1.69, $1.70, $1.80, $1.95, and $2.00. According to CW, several of these resistance zones trace back to major Coinbase-affiliated wallets. The analyst also identified a whale buy order near $1.30 that may provide downside protection.
CW observed that the closest sell barrier remains intact. Breaking decisively through this level, the analyst suggested, could clear the path toward $2.15 with minimal obstacles.
On Bitstamp, XRP was trading around $1.48 on August 23 after briefly spiking to $1.52 during the session. Daily trading volume reached roughly $13.23 billion. The token’s market capitalization stood at approximately $92.72 billion.
Binance’s XRP Holdings Remain Substantial
According to CryptoQuant analytics, Binance currently holds approximately 2.62 billion XRP in its exchange wallets. This amount accounts for roughly 2.6% of XRP’s total maximum supply of 100 billion tokens.
Exchange reserves had been declining for much of 2026 before leveling off. Nevertheless, 2.62 billion tokens constitutes a substantial supply concentration that could create selling pressure if market sentiment shifts.
Despite this week’s impressive rally, XRP has only reclaimed about 20% of its losses from the all-time high of $3.65 reached in July of last year. The token traded below $1 as recently as the previous week.
CW further pointed to a golden cross formation between EMA lines on the RSI indicator, characterizing it as a positive technical development. The immediate challenge now is whether buyers can overcome the initial whale resistance barrier in the $1.48 to $1.50 range.
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