Ripple-affiliated cryptocurrency XRP extended its stunning rally during the weekend, surging to a new 2024 peak of $1.26 on the Bitstamp exchange.

This is the highest level that the cryptocurrency has hit since November 2021.

In fact, the rally was so intense that Binance, the leading cryptocurrency exchange by global trading volume, temporarily stopped processing withdrawals.

The controversial token has surged by more than 110% during this November, outperforming most other major altcoins.

As reported by U.Today, the rally intensified earlier this week amid rumors about the imminent resignation of SEC Chair Gary Gensler and expectations of more accommodating cryptocurrency regulations.

XRP is still down 69%

While XRP has secured rather impressive short-term gains, it is still down roughly 69% from its record peak that was recorded almost seven years ago.

According to data provided by CoinGecko, XRP remains one of the worst-performing tokens. For comparison, Bitcoin and Ethereum (ETH) are down 3% and 36% from their respective lifetime peaks. Dogecoin (DOGE), the most valuable meme coin, is down 51%.

There are still some major altcoins that managed to underperform XRP. Cardano (ADA), for instance, is down 76% from the peak that was achieved in September 2021. Shiba Inu (SHIB) and Avalanche (AVAX) are also in the same boat, with both coins losing more than 70% of their peak value.

Ripple co-founder transferring XRP

Meanwhile, Arthur Britto, one of the Ripple co-founders, has started transferring XRP tokens amid the blistering rally. Britto recently transferred 80 million XRP, with 10 million tokens moving to the Binance exchange.

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