Ripple-Linked XRP becomes the third largest token after Trump’s election victory

(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 15% to $2.50 on Monday. According to CoinGecko data, the market capitalization exceeded $137 billion, compared to less than $30 billion on November 5, when Donald Trump emerged victorious in the US presidential election.

Trump’s victory has sparked a wave of speculative enthusiasm in crypto markets, and the president-elect is expected to make good on his promises to create a favorable 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 $96,244 as of 3:22 p.m. in Singapore on Monday. Ether, the second largest token, changed hands at $3,665.

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