Ripple-Linked XRP Soars to Third-Largest Token After Trump Win

XRP, a token linked to Ripple Labs Inc., has vaulted rivals to become the third-largest cryptocurrency in a $100 billion rally.

The token rose as much as 32% on Monday to $2.87. In the process its market capitalization topped $154.6 billion, up from less than $30 billion on Nov. 5, when Donald Trump emerged victorious in the US presidential election, according to CoinGecko data.

The latest price spike was driven by continued overseas buying, primarily in South Korea, as well as short liquidations on futures exchanges, according to Edward Chin, co-founder of Parataxis Capital. About $60 million in XRP ...