Ripple’s XRP has become the third-largest cryptocurrency by market cap, overtaking popular tokens like Solana, USDT and Binance Coin, as a new era of crypto-friendly policy begins to take shape in Washington,

XRP, a cryptocurrency associated with Ripple Labs, has become the third largest crypto with a surge in market capitalization of $100 billion since the US presidential election on November 5. It now stands at around $137 billion having been less than $30 billion on election day.

XRP, a token linked to Ripple Labs Inc., has vaulted rivals to become the third-largest cryptocurrency in a $100 billion rally. The token rose as much as 32% on Monday to $2.87. In the process its market capitalization topped $154.

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.

Ripple Labs' XRP Token has come up trumps post-election to become one of the world’s biggest cryptocurrencies. The currency leapfrogged Solana’s SOL and is now fourth behind only Tether’s USDT, Ether token and of course Bitcoin.