(Bloomberg) — XRP, a token tied to Ripple Labs Inc., has overtaken rivals in a $100 billion rally to become the third-largest cryptocurrency.

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The token rose as much as 32% to $2.87 on Monday. Its market capitalization exceeded $154.6 billion, up from less than $30 billion on Nov. 5, when Donald Trump emerged victorious in the U.S. presidential election, according to data from CoinGecko.

According to Edward Chin, co-founder of Parataxis Capital, the recent price increase was due to sustained buying abroad, particularly in South Korea, as well as short liquidations on futures exchanges. About $60 million in XRP short positions were liquidated in the last 24 hours, which was more than short liquidations for Bitcoin and Ether combined.

“The move appears to be purely retail driven as nothing has fundamentally changed for XRP itself,” Chin said. “The move seems excessive considering that XRP is now one of the top three digital assets, but that doesn’t mean it can’t continue given the reflexivity in this market.”

The recent price action continues to build on the momentum from Trump’s election victory, which sparked a wave of speculative enthusiasm across crypto markets. The president-elect is expected to make good on his promises to create a conducive environment for digital asset companies in the US. Even against this backdrop, XRP’s rally is remarkable: In recent weeks, its market value has surpassed that of competitors Solana and USDT, Tether’s stablecoin, CoinGecko data shows.

Ripple Labs was sued in 2020 by the U.S. Securities and Exchange Commission, which claimed the San Francisco-based company violated the law when it raised money by selling XRP without registering it as a security .

The agency, led by Chairman Gary Gensler, later filed lawsuits against numerous digital asset companies, including Coinbase Global Inc. and Binance Holdings Ltd. During the campaign, Trump had vowed to fire Gensler, who now plans to resign in January on the day the president-elect is scheduled to be inaugurated. Trump has promised to install friendly regulators and also supports the creation of a strategic Bitcoin reserve in the US.

As data from CoinGecko shows, the crypto market has gained about $1.2 trillion in market value since Trump’s election victory.

Market leader Bitcoin, which hit $100,000 for the first time last month, was trading at $95,760. Ether, the second largest token, changed hands at $3,613.

(Updates with price increases and market commentary beginning in third paragraph.)

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