Over the past 30 days, XRP’s market value has surged 71.75%, reaching $193.1 billion as of Thursday, just $2.18 billion below its all-time high six months ago.
As the market value climbed, XRP’s price against BTC also rose in tandem.
In July, the XRP/BTC trading pair rose more than 35%. Ethereum (ETH), the second-largest cryptocurrency by market value, also rose more than 25% against Bitcoin during the same period.
Together, the two major altcoins account for about 16% of the cryptocurrency market.
Their recent strong performance relative to Bitcoin has fueled the market sentiment of the “altcoin rally,” a phase in which investors shift funds from Bitcoin to altcoins in search of higher returns.
Over the past 24 hours, Bitcoin has fluctuated between intraday fluctuations, while Ethereum and XRP have risen more than 8% each, indicating that the market’s center of gravity is gradually shifting to mainstream large-cap altcoins.
Many analysts believe that XRP will continue to rise to $4 in the coming weeks, driven by increased whale activity and other bullish technical formations.
XRP’s bullish outlook in both USD and BTC terms is expected to push its market cap well above the $200 billion mark.