XRP Surpasses Dogecoin in Market Cap After Seeing 101% Monthly Gains

Ripple's XRP is now one of the fastest-growing crypto assets in the month. Despite seeing a  1.45% daily correction – the currency's performance on a larger scale is certainly impressive.

Ripple’s XRP is having a great month so far. Despite seeing a 1.45% daily correction – the currency’s performance on a larger scale is certainly impressive.

Over the past week, XRP went from $0.66 to the current value of $1,10 – marking a 53.77% increase. Moreover, Ripple’s monthly performance reveals an incredibly strong bullish trend, marking 101% gains in the last 30 days.

Since the U.S. Presidential election – Ripple has had one of the highest gains in the cryptocurrency market, alongside Dogecoin. The contest between XRP and the dog-inspired currency has been certainly tight.

After the election day – November 5th – XRP gained around 118% in value, while Dogecoin saw about 119% gains. However, this week Ripple continued its forward momentum while DOGE appears to have found difficulty in surpassing the $0.40 zone.

In fact, this strong weekly performance led to Ripple surpassing Dogecoin in the ranking of top cryptocurrencies by market capitalization. At this time of writing, Ripple is now the sixth most valuable digital asset by market capitalization at $63.23 billion, while Dogecoin’s market cap is at $56.99 billion.

A lot of what caused Ripple to gain value since the start of the month is the victory of Donald Trump. Considered the most pro-crypto candidate of the run – Trump’s win raises expectations of a more crypto-friendly government, especially considering the potential replacement of the SEC Chair.

In a recent appearance at Fox Business, Ripple CEO Brad Garlinghouse spoke about the Republican victory.

“The crypto industry has embraced Trump, and Trump has embraced the crypto industry,” Galinghouse said. “He sees the innovation, he sees the entrepreneurship — and I’m very excited about what the future holds.”

Later in the interview Garlinghouse also spoke about how the Trump win has “lifted” the pressure off of crypto. He claims that this previous “pressure” was influenced by the SEC’s regulations and that only the idea of a future replacement in command was enough o cause a market rush.