Payments-focused cryptocurrency XRP XRP/USD overtook Solana SOL/USD to become the fourth-largest cryptocurrency after a strong rally on Sunday.
What happened: The coin surged more than 26% in the past 24 hours, regaining the $2 level for the first time in nearly seven years.
The coin's market capitalization exceeds $136 billion, dropping Solana from fourth place among the largest cryptocurrencies by valuation.
The recent rally has pushed XRP’s year-to-date gain to 286%, significantly outpacing Bitcoin BTC/USD and Ethereum ETH/USD.
SEE ALSO: Ethereum Rally Is Overshadowed by Huge Gains in Cheaper Plays: Why Are ENS and ETC Soaring Today?
The rally was fueled by a Fox Business report on the New York Department of Financial Services' impending green light for stablecoin RLUSD by Ripple Labs, a blockchain-based company that uses XRP for its services.
Ripple plans to expand cross-border payments used for remittances, financial management, supplier payments, and international payments with the launch of a new stablecoin.
Additionally, XRP investors are actively investing as the countdown to SEC Chairman Gary Gensler's resignation begins.
Ripple has been embroiled in a nearly four-year legal battle with the SEC over the status of XRP, and there was optimism that a change in Ripple's top leadership would occur.
Price Trend: At the time of writing, XRP was trading at $2.40, up 26.66% in the past 24 hours, according to data from Benzinga Pro. MicroStrategy shares rose 2.15% in after-hours trading.
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