XRP has experienced a significant rise, climbing 15% in the past 24 hours and reaching its highest price since 2018. The cryptocurrency, closely associated with Ripple, has surged a remarkable 28% over the week, peaking at $2.99 before settling at around $2.95. This surge has placed XRP as the third-largest cryptocurrency by market capitalization.
The increased value comes amidst growing optimism regarding the potential approval of XRP exchange-traded funds (ETFs), which analysts predict could attract billions in investments. This positive sentiment is reflected not only in XRP’s performance but also in the rise of meme coins linked to the XRP Ledger.
One notable contender, the ARMY token, which pays homage to the XRP community, achieved an all-time high market cap of $107 million with a nearly 30% increase within 24 hours. Other meme coins like PHNIX and LIHUA have also seen surges, reaching market caps of $45.6 million and $35.4 million, respectively, pushing close to $1 million in secondary trading volumes in just one day.
The momentum for meme coins on the XRP Ledger has revived following an initial burst of activity last December, when the network saw record account activations and transactions. Although many meme coins, including ARMY, initially retraced their gains after that peak, the current spike in XRP’s value has rekindled interest and trading in these assets.
A key factor contributing to this resurgence may be the reduced cost of using the XRP Ledger, which underwent a 90% decrease in the reserve price required for account maintenance, making it more accessible for users. As meme coins typically linked to cultural phenomena continue to gain popularity, it remains crucial for investors to be mindful of their volatility, as these tokens are subject to rapid fluctuations in value.
Overall, the current environment around XRP and its associated meme coins paints a picture of renewed excitement in the cryptocurrency market, indicative of a potentially positive trajectory for the broader digital asset space.
In summary, XRP’s noteworthy rise and the accompanying success of meme coins signify a revitalization in investor interest and market activity, presenting a hopeful outlook for the future.