XRP, the world’s third-largest cryptocurrency by market capitalization, hit a record high at $2.90 on Tuesday before pulling back — with its rally fueled by optimism around a more friendly regulatory environment under the upcoming Trump administration.

Bitcoin went on a record-breaking run after Donald Trump won the U.S. presidential election—but shares in some companies that make money out of the crypto’s surging price have performed even better. The large-cap token has surged on the expectation that Trump will slash digital-asset regulations,

November saw cryptocurrency exchange volumes reach a three-year peak, largely propelled by Donald Trump’s victory in the United States presidential election, which ignited expectations of more favorable cryptocurrency regulations.