XRP continued to surge over the weekend, surpassing the $2 mark for the first time in nearly seven years and overtaking Solana in market capitalization, while Ethereum reached a six-month high.

The price of XRP is currently at $2.17, the highest level since January 2018 and the first time it has surpassed the $2 mark in the same time period. XRP has risen 12% on the day, bringing its weekly gain to 50%. The asset has quadrupled in value over the past 30 days, with a 318% increase during that time.

Daily XRP price chart | Source: TradingView

With a current market capitalization of $134 billion, XRP has surpassed Solana to become the fourth most valuable digital asset. Solana's market cap is currently around $112 billion.

The strong growth of XRP, surpassing most other major assets, is largely driven by optimism about its legal future. Elected President Donald Trump campaigned on a pro-cryptocurrency platform, and Securities and Exchange Commission (SEC) Chair Gary Gensler will resign on January 20, 2025, when Trump takes office.

XRP's meteoric price performance can be attributed to several factors, including the increase in key partnerships, new products from Ripple Labs, the potential launch of an XRP ETF, and unverified rumors that Elon Musk will make a significant investment in XRP and Ripple.

Asset management firm 21Shares filed for an XRP ETF on November 1, 2024, raising investor expectations that the SEC, with new leadership in January 2025, will approve ETF applications.

The New York Stock Exchange Arca has petitioned the SEC to list the Bitwise crypto index trading product on November 15. The Bitwise crypto index will include 10 digital assets including Bitcoin, Ethereum, Cardano, Avalanche, XRP, and others.

On November 25, asset management firm WisdomTree filed for an XRP ETF in Delaware, joining 21Shares, Canary Capital, and Bitwise.

Ripple Labs also announced the first cryptocurrency money market fund on the XRP Ledger on November 25. This crypto fund was made possible through a partnership between Ripple Labs and Archax, a regulated cryptocurrency exchange in the UK.

The SEC has targeted Ripple Labs for alleged securities violations. However, the upcoming regime change has boosted investor confidence that XRP will face fewer challenges in the future and may be accepted for spot ETF funds and other financial use cases.

XRP is still down about 41% from its all-time high price of $3.4 set in January 2018, but is closer than it has been in nearly seven years.

All top altcoins have seen strong price increases in recent weeks since Trump won the election, although Ethereum (ETH) has lagged behind Bitcoin and other coins in recent months.

ETH may finally be catching up, hitting a six-month high of $3,741 on Sunday. Ethereum rose 11% for the week and 48% over the past 30 days, but is still down about 24% from its all-time high of $4,878 in 2021.

Source: https://tapchibitcoin.io/xrp-vuot-mat-solana-vuot-nguong-2-lan-dau-tien-ke-tu-nam-2018.html