The impressive performance of Ripple’s native token continues with another surge in the past 24 hours that pushed its price above $2 for the first time since early 2018.
In the process, XRP has surpassed SOL to become the fourth-largest cryptocurrency by market cap.
The entire crypto market started to chart impressive gains after Donald Trump’s victory in the 2024 US presidential elections nearly a month ago. At first, though, XRP was sort of sluggish and trailed behind, losing ground to other assets like DOGE.
However, once rumors started to circulate that SEC Chair Gary Gensler will step down once Trump takes office, Ripple’s token began its mindblowing rally.
It was only solidified last week when Gensler officially announced that he will vacate his position as the Chairman of the US regulator that has been in a legal battle against Ripple for roughly four years.
XRP shot above $1 and kept climbing. It was stopped at $1.65 last week, but the bulls returned and pushed its price by 50% on a weekly scale. As such, the token soared to $2.09 earlier today for the first time since January 2018.
XRPUSD. Source: TradingView
Moreover, the asset is by far the best-performing one among the top 10 alts in the past month, having surged by 300%. Consequently, it managed to overtake several altcoins in the process, such as Binance Coin, and Solana as of minutes ago.
With a market cap of $116 billion as of writing these lines, XRP is the fourth-largest cryptocurrency. Next in line is Tether with $134 billion, according to CoinGecko.
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