XRP, the native token used within Ripple’s payments system, has jumped to the third spot in market capitalization rankings, beating out the incumbent stablecoin issued by Tether.

The asset is up more than 71% on the week to $2.47 and a further 367% over the last 30 days, according to CoinGecko data. The asset previously flipped Solana for the fourth spot late Sunday.

Ripple Labs’ case against the U.S. Securities and Exchange Commission has been a primary focus for investors, which has been aided by a decision for its chairman, Gary Gensler, to depart on January 20. 

Derided by the crypto community for what they viewed as a heavy-handed approach to regulation through litigation, Gensler’s departure is providing renewed optimism for a more friendly approach to the industry.

The SEC initiated its lawsuit against Ripple Labs for securities violations in December 2020 under then-Chairman Jay Clayton. Gensler succeeded Clayton as SEC Chairman in April 2021 and continued to pursue the case against Ripple.

While Ripple, the company, uses the XRP token in its payment and settlement products, the token operates independently on its own ledger.

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Author: Sebastian Sinclair