XRP (XRP), the third largest cryptocurrency and the native token of the XRP Ledger, surged to a fresh all-time high on Thursday, breaking its previous record of $3.4 from early 2018.

The token rallied above $3.5 during the later hours of the U.S. session, advancing 14% through the past 24 hours and topping $200 billion in market capitalization, CoinDesk data shows.

The action happened following a Financial Times report on U.S. President Trump preparing to sign an executive order to open the way for retirement accounts to invest in alternative assets including cryptocurrencies, the Financial Times reported.

Before that, the U.S. House passed the GENIUS Act and the CLARITY Act, two major pieces of legislation designed to bring structure to digital asset markets and stablecoins, a major positive development for the industry.

Read more: Coinbase, Robinhood Hit Record Highs as U.S. House Passes Landmark Crypto Legislation

UPDATE (July 17, 22:10 UTC): Updates XRP price action.

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