XRP ( XRP -0.73%), which was created by a company called Ripple in 2012, was one of the best performers last year with a whopping 235% gain. Bitcoin ( BTC -0.09%) also logged an impressive return of 119%, further solidifying its position as the world's largest cryptocurrency.

XRP was soaring Wednesday after the CEO of Ripple Labs said that the Securities and Exchange Commission had dropped its long-running case against his company. The token, which is used to facilitate and settle transactions on Ripple’s digital-payments platform,

XRP has secured the third slot among the largest cryptocurrencies after racing ahead of USDT as the SEC dropped charges against Ripple.