XRP began to rise in value alongside major cryptocurrency assets, including Bitcoin and Solana, following Donald Trump's election victory on November 6. However, XRP has started to outperform other major tokens.

On December 1, XRP surpassed Solana in market capitalization and has since skyrocketed past Tether (USD), becoming the third-largest cryptocurrency by total value.

XRP's outstanding price performance occurs against a backdrop of increasing significant partnerships, new products being developed by Ripple Labs, the potential launch of an XRP ETF, and unsubstantiated rumors that Elon Musk will make a substantial investment in XRP and Ripple.

The asset management company 21Shares submitted an application for an XRP ETF on November 1, 2024 — raising investors' expectations that the Securities and Exchange Commission (SEC) — which may have new leadership in January 2025 — will approve the ETF application.