Ripple's XRP ( XRP ) token flipped Solana's ( SOL ) market capitalization for the first time during the current market cycle on December 1, 2024 — making XRP the fourth-largest cryptocurrency by market cap.

According to data from CoinMarketCap, XRP currently has a market cap of over $122 billion at the time of this writing, compared to Solana's $111.9 billion.

The native token of Ripple has been on a tear in recent weeks — kicking off a rally beginning on November 10 and peaking at a price of $2.19 on December 1 — marking a seven-year high for the digital asset.

XRP's meteoric price performance can be attributed to a growing number of key partnerships, new product developments from Ripple Labs, the possibility of an XRP ETF, and unsubstantiated rumors that Elon Musk would make a sizable investment into XRP and Ripple.

Ripple's XRP token flips Solana's market capitalization image 0

Cryptocurrency rankings by market capitalization. Source: CoinMarketCap

Related: XRP price chases $2 after bull flag breakout leads to new 2024 highs

November has been a busy month for Ripple Labs and XRP

Asset manager 21Shares filed for an XRP ETF on November 1, 2024 — raising investor expectations that the Securities and Exchange Commission (SEC) — which will be under new leadership in January 2025 — will approve the ETF applications.

New York Stock Exchange Arca petitioned the SEC to list the Bitwise crypto index exchange-traded product on November 15. The Bitwise crypto index will feature 10 digital assets including Bitcoin ( BTC ), Ethereum ( ETH ), Cardano ( ADA ), Avalanche ( AVAX ), XRP, and others.

On November 25, asset manager WisdomTree filed for an XRP ETF in Delaware — joining the ranks of 21Shares, Canary Capital, and Bitwise.

Ripple Labs also announced the first tokenized money market fund on the XRP Ledger on November 25. The tokenized fund was made possible by a partnership between Ripple Labs and Archax — a regulated cryptocurrency exchange in the United Kingdom.

As part of the collaboration between the two firms, Ripple will tokenize Abrdn’s $4.77 billion US dollar liquidity fund.

More recently, on November 29, reports surfaced that Ripple's RLUSD stablecoin — an overcollateralized US dollar-pegged token — would receive approval from New York financial regulators in the coming days.

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