【Victory for the Crypto Market? XRP Market Cap Briefly Surpasses BlackRock】
Driven by the cryptocurrency bull market, the price of Ripple (XRP) soared to $2.67, with its market cap reaching $158.5 billion, surpassing 88% of the stocks in the S&P 500 index.
In the past week, XRP's market cap increased from $75.3 billion to $158.5 billion, surpassing Solana and Tether, ranking 61st in the S&P 500 index and outperforming 88% of the 503 stocks. Its market cap has surpassed asset management giant BlackRock ($158 billion) and Uber ($154 billion). As of the time of writing, XRP's market cap has retreated to $153 billion but remains higher than Palantir ($151 billion), Pfizer ($146 billion), and Citigroup ($136 billion).
The rise in XRP is attributed to news of a settlement with the U.S. Securities and Exchange Commission (SEC) and rumors of Elon Musk investing in XRP. Additionally, new partnerships and the potential for an XRP ETF further boosted market optimism. This marks a historic high since XRP's market cap reached $131.7 billion in 2018.