Payment-oriented cryptocurrency XRP XRP/USD turned around Solana SOL/USD to become the fourth-largest cryptocurrency after a violent rally on Sunday.

What happened: The coin is up over 26% in the last 24 hours and is back to the $2 mark after a break of almost seven years.

The coin’s market capitalization exceeded $136 billion, pushing Solana out of fourth place among valued cryptocurrencies.

The recent rally has catapulted XRP’s year-to-date gains to 286%, significantly exceeding them Bitcoin BTC/USD And Ethereum ETH/USD.

See also: Ethereum Rally Is Overshadowed by Rapid Gains in Cheaper Plays: Why Are ENS and ETC Soaring Today?

The rally was spurred by a report from Fox Business about the New York Department of Treasury’s impending green light for stablecoins RLUSD from Ripple Labs—The blockchain-based company uses XRP for its offerings.

Ripple plans to expand beyond cross-border payments used for remittances, treasury management, supplier payments and international payouts with the launch of the new stablecoin.

Furthermore, as a countdown to the SEC Chairman Gary Genslers The withdrawal has begun, XRP investors have aggressively loaded their pockets.

Ripple is in a nearly four-year legal battle with the SEC over the status of XRP, and any change in the agency’s leadership has been viewed with optimism.

Price action: At the time of writing, XRP was trading at $2.40, up 26.66% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy rose 2.15% in after-hours trading.

Image via Shutterstock

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