XRP has experienced a remarkable surge, rising 15% within the last 24 hours and hitting a price point not seen since 2018. This resurgence has catapulted XRP to the forefront of the cryptocurrency market, where it has gained an impressive 28% over the past week. At its peak, the digital asset reached $2.99, the highest it has been in seven years, although it has slightly retreated to a current price of $2.95.
The upswing in XRP’s value comes on the heels of growing optimism regarding the potential approval of XRP ETFs, which could attract “billions” in investments, according to market analysts. This sentiment has been bolstered by an overall surge in trading volumes and interest in meme coins linked with the XRP Ledger.
Meme coins have also seen explosive growth, particularly ARMY, which has skyrocketed to an all-time high market cap of $107 million after a nearly 30% increase in just 24 hours. This token is associated with the “XRP Army,” a community of fervent XRP supporters. Other meme coins like PHNIX and LIHUA are also gaining traction, having amassed market caps of $45.6 million and $35.4 million respectively, with substantial trading volumes reported.
Reflecting on a trend that gained momentum in early December, the XRP Ledger saw a significant rise in account activations and transactions. However, many meme coins initially suffered from drastic retraces in value afterward. For instance, ARMY’s market cap plummeted from $100 million to just $20 million within days. Nevertheless, the recent bullish trend accompanying XRP’s rise suggests a rekindled interest in these meme tokens as they are now closer to their all-time highs; XRP itself is currently just 12% shy of its record price of $3.40.
A contributing factor to the current meme coin phenomenon on the XRP Ledger is the reduced reserve price, implemented by validators in early December, making it significantly cheaper to maintain accounts on the ledger. The popularity of meme coins, driven in part by launchpads like Pump.fun, indicates a growing trend across various blockchains, even as they remain inherently volatile.
In summary, XRP’s recent surge highlights the growing appeal of cryptocurrencies and the potential for significant investment in the coming days, particularly as market enthusiasm for XRP ETFs builds. This positive momentum could suggest a brighter future for both XRP and the associated meme coins as the cryptocurrency market continues to evolve.