XRP surged 15% on August 20 as the cryptocurrency recovered more than $9 billion in market capitalization in 24 hours, driven by macroeconomic tailwinds, a sharp short squeeze, and renewed political support for digital assets. The token’s market cap rose from roughly $63.08 billion on August 19 to $72.27 billion on August 20, according to data from Finbold, while XRP’s price jumped from $0.99 to $1.15—a psychologically important level not seen since July 21.

The rally came as the broader cryptocurrency market gained momentum following an announcement that the U.S. Treasury would double its long-term bond buybacks, pushing yields lower and improving the appeal of risk assets. Over $1.57 billion in crypto positions were…