XRP climbs over 12% to crack above previous all-time high of $3.40

XRP climbed over 12% on Thursday to crack above its previous all-time high of $3.40. At press time, the third-largest cryptocurrency is changing hands at $3.47.

The token has been on a meteoric tear in recent days amid a larger crypto market rally, pushed forward by major bullish announcements, including Congress’ recent vote on three crypto-specific bills.

This week, XRP flipped Tether’s USDT to become the third-largest cryptocurrency, with a market capitalization of over $202 billion, according to The Block’s data.

Ripple, the company closely associated with XRP, won a partial victory against the U.S. Securities and Exchange Commission around this time two years ago. The firm has since settled with the agency and agreed to drop its appeal.

Since this partial court victory, in which it was found that Ripple did not always violate securities laws by selling XRP tokens, the company has been on a tear. In the past few months, for instance, Ripple has moved to gain a national bank charter and become the first crypto-native firm to acquire a prime brokerage firm.

Ripple may also stand to benefit from the U.S. House’s vote to pass the GENIUS stablecoin bill on Thursday, which is expected to be signed into law by President Donald Trump this week. The firm partnered with BNY Mellon on its RLUSD stablecoin, which now has a market cap above $500 million.

Earlier this week, Ripple co-founder and chairman Chris Larsen sent nearly $30 million worth of XRP to Coinbase. However, it is unclear whether he liquidated those tokens.