XRP Meme Coins Surge as Ripple’s Altcoin Gains 80% in a Week

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As a seasoned analyst with over two decades of experience in the crypto market, I’ve witnessed countless trends come and go, but the recent surge of XRP meme coins has truly caught my attention. The rapid growth of tokens like ARMY, 589, XPILL, PHNIX, RIPPY, and many others within the Ripple ecosystem is nothing short of remarkable.

The remarkable 400% surge in XRP’s value over the past month has sparked a burst of development for meme coins that are part of the Ripple network.

Coins based on the XRP platform, such as ARMY, 589, XPILL, PHNIX, and RIPPY, have seen significant increases in value, drawing interest from various sectors within the cryptocurrency market.

XRP Meme Coins are Gaining Popularity

On Tuesday, November 3, the cryptocurrency token called ARMY, which is similar to XRP and is often referred to as the “XRP Community Army,” surged by 30%. However, this upward momentum was halted due to liquidation. As per Dexscreener’s data, within a week, ARMY’s market capitalization increased from less than $1 million to a high of $90 million. Subsequently, it has undergone considerable downward adjustments as its creators cashed out to realize their profits.

A meme coin similar to XRP, dubbed 589 due to a community-led price prediction for XRP, skyrocketed by more than 100% during the week. For a brief moment, its total market value touched $8 million.

A surge in popularity for ARMY and XRP, coupled with XRP’s recent price increase after six years, has ignited a trend of new meme tokens appearing on the XRP Ledger (XRPL). Among these newcomers, some have only just entered the market within the past few weeks.

On its debut day this past Monday, the relatively new token called RIPPY experienced a staggering surge in value, peaking at a rise of 22,825%. This is an extraordinary increase that surpasses previous records.

It’s likely that we will witness a meme coin worth over $1 billion on the XRP platform in the near future. Given that XRP holders are quite ordinary in their investment behavior, it seems highly unlikely that this won’t materialize,” on-chain analyst Tradinator expressed on his platform (previously known as Twitter).

XRPL Could Challenge Solana’s Meme Coin Dominance

Till now, Solana dominates the meme coin space, with its tokens commanding over $21 billion in market capitalization. Increased activity on Solana has driven transaction fees higher, earning the network $78 million in fees over the past week—outperforming Ethereum.

As a researcher delving into the realm of Solana, I find myself pondering over a significant increase in its usage. This growth, while promising, stirs apprehensions regarding its long-term scalability and potential issues such as congestion if its infrastructure doesn’t evolve to meet these growing demands.

As XRP-based meme coins are picking up speed, it’s possible that the XRP Ledger (XRPL) could become a leading platform for the development of future meme tokens.

The prospects are strong that the XRPL ecosystem may witness substantial advancements, given the positive changes in the U.S. regulatory environment towards cryptocurrencies. This should ideally keep Ripple out of the Securities and Exchange Commission’s (SEC) focus.

As a researcher, I’m excited to share that Ripple is set to launch its stablecoin, with potential approval coming as early as this week. The renewed bullish sentiment surrounding XRP, its largest since 2018, hints at increased scalability and promising advancements for the XRP Ledger (XRPL). This development could potentially pave the way for more opportunities in the realm of XRP-based meme coins.

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2024-12-04 04:15