XRP’s Massive Rise Spurs Meme Coin Frenzy on XRPL

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As an analyst with over two decades of experience in the financial markets, I’ve seen countless bull runs and bear markets, but the recent surge in XRP and its associated meme coins on the XRPL is nothing short of remarkable.

As an analyst, I find myself astounded by the impressive 400% surge in value that XRP has witnessed over the past month. Not only has this significant rally solidified its standing as the third-largest cryptocurrency by market cap, but it has also sparked a flurry of activity on the XRP Ledger (XRPL). It’s fascinating to see how meme coins, which were predominantly popular on other blockchain networks, are now witnessing rapid growth on the XRPL.

At the forefront is ARMY, a token introduced in 2023, paying homage to XRP’s devoted community, commonly known as the XRP Army. Over the past few days, ARMY has experienced a remarkable surge, escalating from a humble market cap of less than $1 million to an impressive $90 million.

Initially investing in ARMY, early backers are experiencing remarkable returns even after a revised figure of around $47 million. Based on DEX Screener’s data, one investor managed to convert their initial $478 investment into over $100,000 in actual earnings and an additional estimated $400,000 in potential profits.

On their official X platform, ARMY followers recently discussed the swift rise they’ve experienced. They referred to the current market fluctuations as a “normal correction,” implying a temporary decrease in value. Despite the token’s unpredictable nature, they suggested an upcoming roadmap brimming with significant achievements. The team set ambitious goals for the next phase at $589 million, which represents a potential 2,000% rise, and for future growth at $1.178 billion, potentially making ARMY the first meme coin on the XRPL to reach a billion dollars in value.

Similarly to Shiba Inu tokens like BEAR and MAG, have experienced substantial expansion, finding their places among the leading 10 meme coins on the XRP Ledger in terms of market capitalization, with an estimated worth close to $30 million each.

On the XRPL platform, trading of meme coins is less advanced compared to more mature networks such as Solana, due to the lack of robust infrastructure and doubts about the ecosystem’s long-term viability. Critics argue that these factors have hindered broader acceptance. Anonymous crypto figure Noodles voiced their reservations about XRPL meme coin trading, labeling it “overly ambitious” even for a seasoned trader like themselves.

Institutional Interest Boosts XRP

Over the past while, the market capitalization of XRP has soared beyond $150 billion, a feat achieved through a mix of retail excitement and potential institutional advancements. At present, the token is being traded at roughly $2.63, having risen by 13% over the last day. However, it’s still 31% short of its peak price of $3.84, which was set back in 2018.

Interest in exchange-traded funds (ETFs) centered around XRP is growing within institutions, fueled by optimism about a more cryptocurrency-friendly regulatory environment under the possible administration of Trump. Additionally, analysts are speculating that the legal case between the Securities and Exchange Commission (SEC) and Ripple may be resolved soon, which could strengthen the long-term outlook for XRP.

Observers of the XRP community observe their token reaching unprecedented peaks, yet there’s a sense of wariness as they approach XRPL meme coins, fearful of a potentially overinflated market. Yet, the excitement stirred by XRP’s surge and the related meme coin sector continues to thrive unabated.

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2024-12-03 15:42