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.
