beincrypto.com
$XRP reached $3 today, marking its highest price since 2018. The surge coincided with a resurgence of $XRP meme coins, driving significant activity on the network.
The $XRP Ledger also saw increased activity in the past week as the number of DApps and active wallets continue to grow on the network.
$XRP Meme Coins Rally
Among these tokens, ARMY led the charge, climbing nearly 30% in 24 hours to reach a record market cap of $107 million. ARMY is a nod to the $XRP token’s dedicated supporters, often referred to as the “$XRP Army.”
Other meme coins, such as PHNIX and LIHUA, also posted impressive gains. Within a day, both meme coins recorded $1 million in secondary trading volumes. Their market caps rose to $45.6 million and $35.4 million, respectively.
This rally follows a trend that began in early December when the $XRP Ledger experienced a surge in account activations and transaction volume.
During that period, ARMY reached a $100 million market cap before plummeting to $20 million. Recent gains suggest renewed interest in meme coins, buoyed by $XRP’s strong performance.
$XRP’s price is now just 12% below its all-time high of $3.40. Sologenic (SOLO), the second-largest token on the $XRP Ledger, has also seen sustained growth.
The token gained 7% in a day and over 25% in a week. Since November, SOLO’s market cap has surged by more than 200%, tracking $XRP’s upward momentum.
The network became cheaper to use in December after validators approved a 90% reduction in reserve costs.
According to DappRadar, the number of unique active wallets and Dapp transactions also saw a notable increase over the past week. This increased activity coincided with the initial spike in $XRP meme coin activity.
$XRP has outperformed other major cryptocurrencies this week, rising 28% to claim the third spot by market cap. Analysts attribute this rally to optimism surrounding the potential approval of $XRP ETFs, which could attract significant investment.