The Xero (ASX:XRO) share price is now up 96% in 2020

The Xero Limited (ASX: XRO) share price has continued its remarkable run on Tuesday.

In afternoon trade the cloud-based business and accounting software provider’s shares are up a sizeable 9% to a new record high of $156.72.

This latest gain means the Xero share price is now up a sizeable 30% since this time last month and an even more mouth-watering 96% since the start of the year.

Why is the Xero share price charging higher?

There have been a few catalysts for the rampant rise in the Xero share price this year.

This includes its strong performance during the pandemic, bullish broker notes, and its inclusion in exclusive indices.

In respect to the latter, on Friday afternoon S&P Dow Jones Indices announced its quarterly…