XRP has surged more than 60% in a week, breaking above $1.60.

On Aug. 21, XRP rose past $1.60 during trading on Binance's USDT market. It gained 26% on the day alone. Its advance over the past seven days reached about 67%.

XRP was trading around $1 as recently as Aug. 18. It then rose 14.7% on Aug. 20 and extended those gains, sending the token up about 60% in four days. That easily outpaced Bitcoin and Ether over the same period.

A broader rally across digital assets was fueled by the U.S. Treasury's expanded buybacks of long-term government bonds. Expectations for lower Treasury yields and increased liquidity helped drive Bitcoin sharply higher, and buying spread to major altcoins including XRP and Solana. Investor sentiment was also boosted after President Donald Trump stressed pro-crypto policies and the handling of the Clarity Act at a White House meeting with the digital-asset industry.

Accumulation by large investors and the liquidation of short positions in the futures market also appears to have amplified the rally. As XRP broke through key resistance levels one after another, short sellers bought back the token to limit losses, triggering a short squeeze. Expectations for a U.S. spot XRP exchange-traded fund and increased corporate crypto holdings also supported demand.

Still, the rapid rally has quickly increased leverage in the futures market. If momentum fades, the liquidation of long positions could amplify any decline. Traders are watching whether XRP can establish $1.50 as support and absorb selling in the $1.60 range, a test that could determine whether the rally extends further.