Ripple’s XRP token has surged to a new 2024 high as investors anticipate pro-crypto developments in the United States under President-elect Donald Trump. On Dec. 1, XRP (XRP) surpassed Solana (SOL) in market capitalization and has since flipped Tether’s USDt (USDT) to become the third-largest crypto asset by market cap.

The currency leapfrogged Solana’s SOL and is now fourth behind only Tether’s USDT, Ether token and of course Bitcoin. Forbes reported that Ripple’s market cap has risen from around $30 billion to $131 billion by Monday. But why is XRP going up, and why is the price prediction continuing to rise?

The surge in the value of the XRP token comes amid speculation that the SEC may drop its legal case against Ripple Labs, the company that developed the XRP platform.

XRP, a token linked to Ripple Labs Inc., has vaulted rivals to become the third-largest cryptocurrency in a $100 billion rally.

Ripple token XRP has surged past Tether (USDT) and Solana (SOL) to become the third-largest crypto by market capitalization.

XRP, which once was a powerhouse alongside Bitcoin and Ethereum, has returned to its place in the Top 3 ranks of the world's most valuable cryptocurrencies, following a four-year downtrend triggered by the SEC's lawsuit against Ripple.