The price of the native token of the XRP Ledger is up more than 5% over the last 24-hour period amid a wider cryptocurrency market rally that saw the price of bitcoin hit a new $109,000 all-time high before seeing a slight correction.

XRP is now up more than 35% over the past week to stand at $3.34, with its total market capitalization now at $192, far beyond the market capitalization of the fourth largest digital asset by the metric, Tether’s USDT, which stands at $138 billion.

As CryptoGlobe reported, the rise saw XRP outperform the wider cryptocurrency market to see its market capitalization briefly surpass that of Wall Street giant Goldman Sachs, whose market capitalization is now at $193.5 billion.

XRP price rperformance is a result of several factors, including a recent report from JPMorgan that indicates the potential for a spot exchange-traded fund (ETF) to attract billions of dollars in investor funds.

As most digital assets, the token experienced a surge in value due to expectations of a more favorable regulatory environment under President-elect Donald Trump’s administration. Anticipated policy changes, such as the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as the head of the Securities and Exchange Commission (SEC), have significantly boosted investor confidence.

It’s worth noting that Atkins is regarded as a crypto-friendly figure to lead the regulatory agency, which has been involved in a legal battle with Ripple, a prominent player in the XRP ecosystem. This legal dispute centers around Ripple’s XRP sales.

Trump’s pro-crypto stance has led many to speculate that XRP could soon launch a spot exchange-traded fund (ETF) that provides exposure to the cryptocurrency. Several companies have already filed for spot XRP ETFs, including Bitwise, Canary Capital, WisdomTree, and 21Shares. Ripple’s CEO, Brad Garlinghouse, has expressed the belief that such a fund is “inevitable.”