XRP is in the spotlight, especially with the emergence of meme coins on the XRP Ledger (XRPL) stealing the spotlight! ๐๐ After XRP surged 400% this week, meme coins like ARMY have also skyrocketed, with ARMYโs market cap jumping from under $1 million to $90 million! ๐ฐ๐ While itโs now down to around $47 million, many early investors have made big profits, including one trader who turned a $478 investment into $100,000! ๐ฒ๐ธ
XRPโs price surge, which reached $2.48, was also driven by speculation about an XRP ETF and the potential launch of Rippleโs RLUSD stablecoin. ๐๐ฅ South Korean traders played a big part in the surge, with XRP/KRW trading volume on Upbit reaching $6.03 billion, beating Bitcoin! ๐ฅ
However, not everyone is convinced that the trend is sustainable. Some critics have pointed out that XRPLโs meme coin trading volume is still far behind other blockchains like Solana. ๐ค๐ While ARMY recorded a $10 million trading volume in 24 hours, many meme coins on Solana surpass that number every day.
On the other hand, XRP Ledger recently reduced its account and object reserve fees by 90%, from 10 XRP to just 1 XRP. ๐๐ก This makes the network more affordable, especially for meme coin and NFT traders, and could attract more users to the XRPL ecosystem.
So while the hype around meme coins like ARMY is very real, many are wondering if the trend will last. ๐ For now, traders seem ready to jump in and make some money! ๐คโจ
