XRP is up 15% in the last 24 hours, reaching a price not seen since 2018 as both trading volume and meme coin prices skyrocket on the XRP Ledger.

Ripple-linked XRP has significantly outperformed other major crypto assets in the last week, gaining 28% in that time to become the third-largest cryptocurrency overall 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 about the approval of XRP ETFs that could collectively attract “Billions” According to analysts, investments amounted to $1.5 million.

The meme coins on the The token refers to the “XRP Army”, an allusion to that enthusiastic supporters of the XRP token.

Two other meme coins – PHNIX and LIHUA – have achieved secondary trading volumes of nearly $1 million in the last 24 hours, rising to market caps of $45.6 million and $35.4 million, respectively.

The meme coin’s movement on the XRP Ledger continues a trend that exploded in early December when the Network broke records for account activations and transactions.

However, after this initial surge, most meme coins completely gave back their profits. For example, the market value of market leader ARMY fell from $100 million on December 1st to $20 million just a few days later.

However, meme coins have gained again as XRP has risen, with the coin just 12% below its all-time high price of $3.40, according to CoinGecko.

The XRP Ledger become cheaper To be used in early December, around the time of the first meme coin spike, when validators agreed to lower the floor price – or the price required to maintain an account on the ledger – by 90%.

Meme coins, or tokens typically linked to popular culture and internet memes, have emerged across blockchains this year, driven in part by the creation of token launchpads such as Pumping fun. However, they tend to be very volatile and the likelihood of collapse is as high as the likelihood of making rapid profits.

Edited by Andrew Hayward