XRP, the world’s third-largest cryptocurrency by market capitalization, hit a record high at $2.90 on Tuesday before pulling back — with its rally fueled by optimism around a more friendly regulatory environment under the upcoming Trump administration.

XRP’s market capitalization has now surpassed $154 billion, despite languishing below $30 billion before Donald Trump’s re-election. Overall, the broader crypto market has now grown to a staggering $3.6 trillion, and is only set to continue its rapid growth.

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.