According to CoinMarketCap, $XRP had a market cap of over $122 billion, compared with Solana’s $111.9 billion.

Ripple’s XRP token flipped Solana’s market capitalization for the first time during the current market cycle on Dec. 1, making XRP the fourth-largest cryptocurrency by market cap.

According to data from CoinMarketCap, XRP ( $XRP ) had a market cap of over $122 billion at the time of writing, compared with Solana’s ( $SOL ) $111.9 billion.

Ripple’s native token has surged in recent weeks. The rally, which began on Nov. 10, reached a peak price of $2.19 on Dec. 1, marking a seven-year high.

XRP’s meteoric price performance can be attributed to a growing number of key partnerships, new product developments from Ripple Labs, the possibility of an XRP ETF and unsubstantiated rumors that Elon Musk would make a sizable investment into XRP and Ripple.

November has been a busy month for Ripple Labs and XRP

Asset manager 21Shares submitted a filing for an XRP ETF on Nov. 1, boosting investor expectations that the Securities and Exchange Commission (SEC), set to have new leadership starting January 2025, will approve the ETF applications.

New York Stock Exchange Arca petitioned the SEC to list the Bitwise crypto index exchange-traded product on Nov. 15. The Bitwise crypto index will feature 10 digital assets, including Bitcoin ( $BTC ), Ether ( $ETH ) , Cardano ( $ADA ) , Avalanche

( $AVAX ), XRP and others.

On Nov. 25, asset manager WisdomTree filed for an XRP ETF in Delaware — joining the ranks of 21Shares, Canary Capital and Bitwise.

Also, Ripple Labs announced the first tokenized money market fund on the XRP Ledger on Nov. 25. The tokenized fund was made possible by a partnership between Ripple Labs and Archax — a regulated cryptocurrency exchange in the United Kingdom.

As part of the collaboration between the two firms, Ripple will tokenize Abrdn’s $4.77 billion US dollar liquidity fund.

More recently, on Nov. 29, reports surfaced that Ripple’s RLUSD stablecoin — an overcollateralized US dollar-pegged token — would receive approval from New York financial regulators in the coming days.

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