XRP Hits 7-Year High Price As XRP Ledger Meme Coins Rise Again

XRP is up 15% in the last 24 hours, reaching a price not held since 2018 as trading volumes and meme coin prices on the XRP Ledger both rise higher.

The Ripple-linked XRP has significantly outperformed other major cryptoassets in the past week, rising 28% in that time and rising to the third overall cryptocurrency ranked by market capitalization. It rose as high as $2.99, a seven-year high for the coin, although it has since fallen to $2.95.

The move comes in the middle increasing optimism on the approval of XRP ETFs, which could collectively withdraw “billion” dollars in investment according to analysts.

Meme coins on the XRP Ledger have gained even more, led by ARMY, which has risen to a new all-time high market cap of $107 million on a nearly 30% gain in the last 24 hours. The token refers to the “XRP Army”, a nod enthusiastic supporters of the XRP token.

Two other meme coins – PHNIX and LIHUA – have reaped nearly $1 million in secondary trading volumes over the past 24 hours, rising to $45.6 million and $35.4 million in market capitalization, respectively.

The meme coin moves on XRP Ledger extends a trend that exploded in early December, when network broke records for account activations and transactions.

However, after the initial surge, most meme coins recovered their gains. For example, the leader ARMY dropped from a market cap of $100 million on December 1 to $20 million just days later.

However, meme coins have rebounded as XRP has charged higher prices, with the coin peaking just 12% from its all-time high of $3.40, according to CoinGecko.

XRP Ledger became cheaper to use in early December around the time of the first meme coin spike, when validators agreed to reduce the reserve price – or the price required to maintain an account on the ledger – by 90%.

Meme coins, or tokens typically associated with popular culture and internet memes, have sprung up across blockchains this year, fueled in part by the creation of token launch pads such as Pump.fun. However, they tend to be highly volatile and are just as likely to collapse as they are to deliver skyrocketing gains.

Edited by Andrew Hayward