Payments-focused crypto asset XRP has suddenly erupted in price, surpassing the market cap of Solana (SOL) and Tether’s USDT after outperforming the market.

XRP hit a price of $2.81 early Monday and has since declined slightly to $2.68, up 424% in the last 30 days.

At the time of writing, XRP has a market cap of $152.5 billion and a fully diluted valuation of $257.4 billion, making it the third largest crypto asset.

Last week, reports surfaced from Fox News’ Eleanor Terret that global exchange traded fund (ETF) giant WisdomTree had filed for a spot XRP ETF product in the state of Delaware.

Official filings have now been made with the SEC for the WisdomTree product

The filing names Coinbase, the largest crypto exchange in the United States, as the fund’s custodian.

“Coinbase acts as an

In early November, asset manager 21Shares also filed a registration statement on Form S-1 with the SEC for a proposed product called “21Shares Core XRP Trust.” The trust is intended to be a passive investment vehicle that tracks the price of XRP.

XRP reached an all-time high of $3.40 in January 2018.

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