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XRP has surged to $3, reclaiming its highest price since 2018, triggering a renewed wave of interest in the XRP ecosystem and meme coins.
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Significant gains have been reported among adjacent meme coins, with ARMY achieving a market cap of $107 million after a staggering 30% increase in just one day.
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Optimism about the approval of XRP-based ETFs, coupled with reduced transaction costs on the XRP Ledger, has propelled XRP to outperform its major cryptocurrency counterparts.
XRP has surged to $3, its highest since 2018, stimulating interest in XRP and meme coins like ARMY and PHNIX. Market dynamics fuel this revival.
XRP Meme Coin Explosion
Among the meme tokens, ARMY has led the charge, jumping nearly 30% within 24 hours to achieve a remarkable market cap of $107 million. This token pays homage to the XRP token’s fervent supporters, collectively known as the “XRP Army.”
Other notable meme coins such as PHNIX and LIHUA have also experienced impressive uplifts, each recording a $1 million in daily trading volumes. Their market caps have surged to $45.6 million and $35.4 million, respectively.
This uptick follows a positive trend that commenced in early December, marked by increased account activations and transaction volume on the XRP Ledger. During this time, ARMY previously reached a $100 million market cap before experiencing a decline to $20 million. Recently, these tokens’ gains signify a rekindling of interest in meme coins fueled by XRP’s robust performance.
XRP ARMY Weekly Price Chart. Source: CoinGecko
XRP’s current price is only 12% shy of its all-time high of $3.40. The second-largest asset on the XRP Ledger, Sologenic (SOLO), has also demonstrated significant resilience. In the past day, SOLO’s value has grown 7% and over 25% for the week, propelling its market capitalization by more than 200% since November in line with XRP’s upward trajectory.
Additionally, a substantial reduction in transaction costs was implemented in December when network validators sanctioned a 90% cut in reserve requirements, enhancing the ledger’s accessibility.
According to data from DappRadar, the past week has also shown notable increments in unique active wallets and decentralized application transactions, showcasing the XRP Ledger’s increasing vitality, which is correlated to the initial lateral increase in meme coin activity.
XRP Ledger Stats. Source: DappRadar
This week, XRP has notably outperformed other major cryptocurrencies, recording a 28% surge that has solidified its position as the third-largest cryptocurrency by market capitalization. Analysts attribute this remarkable rise to increasing optimism surrounding the potential approval of XRP-based ETFs, which are expected to draw considerable investment into the ecosystem.
Conclusion
The developments surrounding XRP indicate a restored vigor within the cryptocurrency community, with meme coins following suit. As XRP eyes its all-time high, and with a potentially favorable regulatory environment bolstering investor confidence, the focus will remain on whether this momentum can be sustained. The interplay between reduced ledger costs and the growing DApp ecosystem suggests a robust outlook for XRP and its affiliated tokens.
