Ripple outperforms Solana as XRP price hits 6-year high above $2

The native Ripple token’s impressive performance continues with another increase in the last 24 hours, pushing its price above $2 for the first time since early 2018.

XRP has overtaken SOL to become the fourth largest cryptocurrency by market capitalization.

After Donald Trump’s victory in the 2024 US presidential election almost a month ago, the entire crypto market started recording impressive gains. However, at first, XRP was a bit sluggish and lagged behind, losing ground to other assets such as DOGE.

However, when rumors emerged that SEC Chairman Gary Gensler would resign after Trump took office, Ripple’s token began its stunning rally.

This was only cemented last week when Gensler officially announced that he would be leaving his post as chairman of the US regulator, which has been in a legal battle with Ripple for about four years.

XRP shot above $1 and continued to climb. The price was stopped last week at $1.65, but the bulls returned and pushed the price up 50% weekly. Therefore, today the token rose to $2.09 for the first time since January 2018.

Additionally, the asset is by far the best performer among the top 10 alternatives, with a 300% increase over the last month. As a result, it managed to overtake several altcoins just a few minutes ago, including Binance Coin and Solana.

With a market cap of $116 billion at the time of writing, XRP is the fourth largest cryptocurrency. Next is Tether with $134 billion, according to CoinGecko.