u.today
With the crypto market remaining in a bullish state since the beginning of the month, leading cryptocurrencies have been in the spotlight.
$XRP has been trading steadily on the upside, and its market capitalization has now surged high enough to surpass BlackRock’s $181 billion valuation.
According to data from CoinMarketCap, $XRP’s market capitalization has increased by 2.12% over the last 24 hours, reaching $182.02 billion, overtaking the world’s largest asset manager by more than $1 billion.
The milestone positions the Ripple-associated cryptocurrency as a major contender to Wall Street, amid growing optimism that $XRP is poised for a sustainable and extended rally.
$XRP up 6.94% in Uptober
Amid renewed institutional interest and widespread market optimism, $XRP appears to be leading the “Uptober” bull run with strong upward momentum.
Since the October rally began on Wednesday, $XRP has recorded an impressive 6.94% surge in less than a week. Maintaining a consistent close above the $3 mark for most of its trading sessions, $XRP’s price performance in early October suggests that traders are preparing for a significant breakout.
The sustained surge in $XRP’s price has been driven by the anticipated launch of the spot $XRP ETF, expected to debut this month.
Additional catalysts include Ripple’s recent filing for a national trust banking license in the U.S., several strategic partnerships, growing DeFi adoption of the $XRP Ledger, and a series of pro-crypto regulatory developments favoring Ripple and its ecosystem.
$XRP to hit ATH after 20% surge
While analysts have set high expectations for $XRP before the “Uptober” rally concludes, data indicates that the altcoin would need to rise by approximately 20% from its current price near $3.05 to retest its previous all-time high of $3.84, last reached in early 2018.
Given its recent performance and strong market sentiment, analysts are increasingly confident that $XRP is on track to set a new record high after seven years of consolidation.