XRP has climbed back into the top 100 global assets by market cap, surpassing some notable names, following its reclaim of the psychological $3 level. This comes amid a broader crypto market rally, which has sparked hopes of a continuation of the bull run.
XRP’s Market Cap Surpasses Major Companies
Companies Market Cap data shows that XRP’s market cap is larger than that of the world’s largest asset manager, BlackRock, and also Sony. The altcoin’s market cap is currently at around $182 billion, while BlackRock and Sony boast a market cap of $173 and $174 billion, respectively.
Meanwhile, based on its market cap, XRP currently sits as the 88th largest asset, just behind Xiaomi. It is worth noting that the altcoin has briefly surpassed banking giant Citigroup, Verizon, and Shopify following a rally of over 3% over the weekend. However, XRP has pared some of these gains and now looks to be consolidating in preparation for the next leg to the upside.
XRP’s rally comes amid a broad crypto market rally, with other major altcoins like Ethereum, Dogecoin, BNB, and Solana recording significant gains. Some fundamentals could serve as a catalyst for higher XRP prices, as its market cap looks to surpass more companies on the global assets ranking.
This includes the launch of the REX-Osprey XRP ETF that is set to take place this week. This will be the first U.S. XRP fund to provide institutional investors with spot exposure to the altcoin. This is expected to inject new liquidity into the XRP ecosystem. Meanwhile, the Fed is expected to make a rate cut at this week’s FOMC meeting. This is typically bullish for altcoins for XRP, although there is also the possibility that it may be a ‘sell the news’ event.
XRP Eyes Rally To $3.6
Crypto analyst Ali Martinez has predicted that the XRP price could rally to $3.6 following its breakout above $3.05. He had earlier stated that there were two possible scenarios. One possibility is that it could break above $3.05 and then rally to $3.60, or it could dip to $2.80, break above $2.90, and then rally to $3.60.
Meanwhile, crypto analyst Dark Defender highlighted $3.01 and $2.85 as the major support levels to watch out for as the XRP price prepares for another leg to the upside. The analyst stated that the targets are the $4.39 and the $5.85 Fibonacci levels. A rally to these price levels would mark a new all-time high (ATH) for the altcoin.
Related Reading: If You Hold XRP, Analyst Says To Strap In; Here’s Why
At the time of writing, the XRP price is trading at around $3.04, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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