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XRP’s market cap has reached a new all-time high of over $140 billion, surpassing Tether and Solana and becoming the third-largest crypto asset by market value, data from CoinGecko shows.

XRP’s value has exploded in the last month, rising nearly 400% and outperforming most leading crypto assets. The current price is around $2.3, up 26% in the last 24 hours.

This success brings Ripple’s native cryptocurrency closer to its glory days before the SEC lawsuit. The crypto asset had suffered a sharp decline following the SEC lawsuit in December 2020.

At this point, the price of XRP fell from $0.5 to $0.17, losing about $15 billion. It took almost four years for XRP to re-establish its position among the top 7 crypto assets, and now its value continues to rise.

XRP is 27% away from its all-time high of $3.4 in January 2018. It is now only behind Bitcoin and Ethereum in the crypto asset rankings. Bitcoin maintains its top spot with a market cap of nearly $2 trillion, while Ethereum follows with a valuation of $448 billion.

XRP’s bullish trend began after the presidential victory of Donald Trump, whose pro-crypto stance boosted market sentiment. Still, XRP’s biggest gains are most likely related to the resignation of SEC Chairman Gary Gensler.

The token broke $1 for the first time since November 2021 after Gensler hinted at stepping down, followed by a 25% surge to $1.4 as he officially announced his retirement.

Market observers view Gensler’s departure as a potential catalyst for resolving Ripple’s legal challenges. Experts believe that ongoing SEC proceedings against crypto companies may be dismissed or settled.

XRP’s price rise is also supported by positive news such as Ripple’s stablecoin development, business expansion, and growing institutional interest.

Asset management firms like Bitwise and Canary Capital are seeking SEC approval for XRP ETFs, while Ripple is seeking approval from the New York Department of Treasury to launch its RLUSD stablecoin.

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