Payment-focused cryptocurrency XRP (CRYPTO: XRP) flipped Solana (CRYPTO: SOL) to become the fourth-largest cryptocurrency after a searing rally on Sunday.

What happened: The coin surged over 26% in the last 24 hours, reclaiming the $2 level after a gap of nearly seven years.  

The coin topped $136 billion in market capitalization, knocking Solana out of fourth place among the largest cryptocurrencies in valuation.

The latest rally has catapulted XRP’s year-to-date gains to 286%, significantly outpacing Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

See Also: Ethereum Rally Gets Overshadowed By Searing Gains In Cheaper Plays: Why Are ENS And ETC Soaring Today?

The rally was spurred by a Fox Business report about the New York Department of Financial Services' imminent green light to stablecoin RLUSD by Ripple Labs—the blockchain-based company using XRP for its offerings.

Ripple plans to expand beyond cross-border payments—used for remittances, Treasury management, supplier payments, and international disbursements—with the launch of the new stablecoin.

Additionally, as the countdown to SEC Chair Gary Gensler's resignation has begun, XRP investors have been aggressively loading their bags. 

Ripple has been locked in a nearly four-year-long legal battle with the SEC over the status of XRP, and any change in the agency's top leadership was viewed with optimism.

Price Action: At the time of writing, XRP was trading at $2.40, up 26.66% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 2.15% in after-hours trading.

Image via Shutterstock

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