XRP (XRP-USD), the native crypto token of XRP Ledger, was the digital asset market’s winner on Monday, gaining as much as 21% year-to-date, becoming the world’s third-largest cryptocurrency by market capitalization .

The inflow of funds increased the coin’s market cap to $142 billion, surpassing the stablecoin Tether (USDT-USD)’s $134.5 billion. It is now only behind Bitcoin (BTC-USD) and Ethereum (ETH-USD) in terms of market capitalization.

Over the past month, the price of XRP has surged nearly 350% as traders hope for a more favorable regulatory environment when President-elect Donald Trump takes office on January 20. XRP was the subject of a lawsuit against Ripple in which the Securities and Exchange Commission argued that XRP was an unregistered security.

Ripple is a payment platform that uses XRP to facilitate transactions between financial institutions, companies and organizations.

Fox reported on Friday that Ripple is also close to receiving approval from New York’s crypto regulator for its own U.S. dollar-pegged stablecoin. The move would offer Ripple customers an alternative to XRP, which has been volatile in the past.

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Trump’s administration has said that when he takes office it will seek to loosen the regulatory reins on cryptocurrencies and install a new SEC chief to replace Gary Gensler. The president-elect also said that the new administration would consider launching a Bitcoin reserve in the US.

Elsewhere, Bitcoin price fell 2% to just under $95,000. Observers of the world’s largest cryptocurrency are betting on when it will reach the elusive $100,000 mark as its rally has lost steam in recent weeks. Since the beginning of the year, Bitcoin is up around 114%.

“This ongoing bull market underscores a critical inflection point for cryptocurrencies,” said Tom Kiddle, co-founder of Palisade. “For BTC, regulatory clarity and macroeconomic factors are driving speculative interest, while XRP demonstrates the power of supply-led growth.”

“The advancements in the XRPL ecosystem, particularly RLUSD, highlight the growing importance of stablecoins and the development of blockchain technology in traditional finance.”

The price of Ethereum also fell, falling about 3% to about $3,579 by late morning in London.

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