XRP and the rest of crypto shot up on hopes the government will prop up markets, but the rally looks like a short-lived trap for buyers chasing it.

• XRP jumped more than 11% in a day, with Bitcoin, Ethereum, gold and silver all rallying too.
• The trigger was an unusual Treasury move that pushed bond yields down, which markets read as a return of easy money.
• It is not really easy money — it is a patch on an economy that is breaking down, and the relief is temporary.
• Trading volume behind the jump is small compared with the heavy selling months earlier this year, a sign the move lacks real buying power.
• The stock market still has room to fall, and that is the bigger risk hanging over crypto.

Outlook: The pop is likely to fade and prices to drift back down, with a possible reset in the fall as big money exits and small buyers are left holding.