XRP climbed 10.17 percent Wednesday, its largest single-day percentage gain since February 6, 2026, rising from an intraday low of $0.9958 to a high of $1.1019 before settling around $1.10.
The move came as part of the broader crypto rally triggered by two simultaneous catalysts: the U.S. Treasury announcing it would double long-term bond buybacks to at least $4 billion per operation, which caused yields to fall and risk assets to surge, and President Trump hosting crypto executives at the White House and calling on Congress to pass the CLARITY Act.
XRP had spent most of August hovering near $1, touching its lowest daily close since November 2024 on August 12.
The Wednesday rally was amplified by a short squeeze as roughly $1.57 billion in crypto shorts were liquidated over 24 hours across the market, forcing additional buy orders into the books and extending gains beyond what the spot move alone would suggest.
XRP also gained 3.1 percent against Bitcoin, meaning it outperformed even the broader rally.
XRP's all-time high was $3.66 set in July 2025. At $1.10 it is still down nearly 70 percent from that peak.
Bitcoin was simultaneously trading around $69,000, the two assets recovering together from summer lows driven by the same macro conditions.