XRPthe native token of the XRP Ledger network closely related to Ripple, rose to a six-year high on Wednesday as bitcoin (BTC) rallied to $100,000, with traders buoyed by this morning’s much-anticipated US CPI inflation data report

The token briefly topped $3 in early US trading for the first time since early January 2018, before paring gains slightly. Recently changing hands at $2.95, it was up 11% over the past 24 hours, beating bitcoin (BTC)’s 3.6% gain and the CoinDesk 20 Index’s 6.7% advance. broad market reference during the same period.

XRP has been one of the best performing tokens, with a 488% gain since Donald Trump’s election victory. It has now become the largest cryptocurrency by market capitalization behind BTC and Ethereum’s ether (ETH), reclaiming its third ranking from Tether’s stablecoin USDT. With a market value of $170 billion, the token is now larger than the asset management giant’s market cap BlackRock (BLK). The gain was fueled by anticipation of crypto-friendly policies and an overhaul of digital asset regulation in the U.S. The Securities and Exchange Commission (SEC) and Ripple have been in a legal battle for more years of XRP token sales.

“This increase is driven by a growing number of partnerships, the launch of Ripple’s RLUSD stablecoin and speculation about a potential spot XRP ETF,” said Diego Cardenas, OTC trader and digital asset platform Abra, in a note shared with CoinDesk. Ripple President Monica Long he said in an interview last week that he expects a one-time ETF to be approved “very soon” as approvals with the incoming administration will be accelerated.

XRP also broke out of the consolidation pattern started in early December that CoinDesk markets analyst Omkar Godbole noted last week, paving the way for the next stage of the chip rally. Another 15% increase from current prices would mean new all-time highs above the January 2018 high of $3.4. Still, adjusting for inflation over the years, XRP needs to break above 4.24 dollars to hit a new high, Galaxy research chief Alex Thorn said in a X post.

The accumulation of XRP tokens by large investors over the past two months could also propel the rally to new highs.

Analysis company Santiment noted which aims to hold between 1 million and 10 million tokens increased its holdings by 1.4 billion coins, worth approximately $3.8 billion, since November 12, continuing the build-up as prices were consolidating after the highs of early December. Read more: XRP interest rises as Brad Garlinghouse meets with Trump