According to ChainCatcher, citing Finbold, CoinMarketCap data shows that XRP's market capitalization once approached $18.34 billion, briefly surpassing the market capitalization of BlackRock, the world's largest asset management company (which was close to $18 billion at the time) on Sunday. Analysts believe that this round of price surge and bullish sentiment may be related to Ripple's accelerated efforts to obtain a U.S. national trust bank license, which would allow it to operate stablecoins under federal regulation.
As the application deadline approaches, the market is viewing this as a long-term bullish catalyst for XRP.