Ripple's XRP token surpassed Solana's market capitalization on Sunday for the first time during the current market cycle, making XRP the third largest cryptocurrency in terms of market capitalization.
However, at the time of writing, the cryptocurrency has fallen to fourth place after being overtaken by Tether, whose capitalization stands at $134 billion.
According to CoinMarketCap, XRP's market cap has surpassed $131 billion, while Solana's market cap is $106 billion.
XRP's price has seen a sharp rise in recent weeks, with a rally that began on Nov. 10 and peaked at $2.44 on Dec. 2, which is its highest price in seven years.
The price rise can be attributed to several factors, including key partnerships, new product developments from Ripple Labs and rumors of a possible investment by Elon Musk in XRP and Ripple.