XRP (XRP) Rockets 51% in One Week: Key Drivers and Resistance Levels Ahead

Key Highlights

• XRP posted a remarkable 51% weekly gain, climbing to $1.50—its strongest weekly performance since November 2024
• A U.S. Treasury decision to repurchase $4 billion in long-term bonds sparked the crypto market rally
• Approximately $2 billion worth of short positions faced liquidation during the week
• Major whale resistance levels are clustered between $1.48 and $2.00, potentially capping upward momentum
• Exchange data shows Binance storing 2.62 billion XRP tokens in its reserves

XRP delivered an impressive 51% gain this week, hitting $1.50 on August 23. This weekly performance marks the token’s strongest showing since November 2024. The rally significantly outperformed major cryptocurrencies including bitcoin (22%), ether (30%), and Solana (28%) during the same timeframe.

The primary trigger came from the U.S. Treasury Department. Officials announced plans to repurchase $4 billion or more of their own bonds with 10- to 30-year maturities between September 9 and November 4, effectively doubling the previous $2 billion limit. Financial markets interpreted this action as a potential effort by authorities to control escalating bond yields.

Long-term bond yields reached their peak levels since 2007 earlier in the week. This development sparked worries about increasing government borrowing costs and diminished interest in riskier investments. The Treasury’s buyback program helped alleviate these concerns, triggering widespread gains throughout the cryptocurrency market.

A significant short squeeze added fuel to XRP’s rally. According to Coinglass data, close to $2 billion in bearish positions were forcibly closed during the week. This type of compulsory buying activity can dramatically accelerate upward price momentum.

Major Resistance Zones Identified

Cryptocurrency analyst CW shared on X that substantial whale sell orders are positioned at $1.4824, $1.69, $1.70, $1.80, $1.95, and $2.00. CW connected multiple resistance zones to significant Coinbase-affiliated wallets. The analyst also identified a whale buy order around $1.30 that might provide downside protection.

$XRP has returned inside the ascending channel.

Additionally, a golden cross occurred between the EMA lines of the RSI indicator. A bullish rally has begun. pic.twitter.com/z3qtqGT9af

— CW (@CW8900) August 23, 2026

CW observed that the closest resistance level remained intact. According to the analyst, a decisive breakthrough above this barrier could clear the path toward $2.15 with relatively minimal obstacles in between.

According to Bitstamp exchange data, XRP was trading around $1.48 on August 23, following an intraday peak of $1.52. Daily trading activity registered approximately $13.23 billion in volume. The token’s market capitalization stood near $92.72 billion.

Exchange Reserve Data Shows Large Holdings

Information from CryptoQuant indicated that Binance maintains approximately 2.62 billion XRP in its exchange wallets. This amount accounts for roughly 2.6% of XRP’s maximum token supply ceiling of 100 billion.

Throughout most of 2026, exchange reserves showed a declining pattern before reaching equilibrium. Nevertheless, the 2.62 billion token stockpile constitutes a substantial readily-available supply that could exert downward pressure if market participants decide to sell.

Despite this week’s impressive performance, XRP has only reclaimed approximately 20% of the distance from its all-time peak of $3.65 achieved in July of last year. As recently as last week, the token was trading just below the $1 threshold.

CW additionally pointed out a golden cross formation between the EMA lines on the RSI indicator, highlighting it as a positive technical development. The immediate challenge lies in whether buying pressure can overcome the first major resistance zone in the $1.48 to $1.50 range.