The price of XRP has once again risen and reached its highest point in a month. This surge is primarily attributed to the ongoing crypto market recovery, the upcoming Donald Trump inauguration, and the expansion of Ripple‘s meme coin ecosystem. Could it be possible that the value of Ripple coins could potentially reach $5 as the XRP Ledger meme coin environment continues to grow?
XRP Price Could Jump As The XRP Ledger Meme Coins Rise
The price of XRP might receive an additional boost, significantly enhancing its growth: meme coins. As reported by CoinGecko, these meme coins within the XRP network are thriving, seeking to match the success of those found on Solana and Ethereum platforms.
As a crypto investor, I’ve been thrilled to witness an incredible 140% surge in the price of XRP Army over the last seven days, propelling its market cap beyond the impressive figure of $81 million. Additionally, it’s fascinating to note that several rapidly growing meme coins on the XRP Ledger are making waves. These include PHNIX, whose valuation has skyrocketed to a staggering $44 million, as well as Pongo, Britto, and Vagabond.
The increase in value can also be observed within the XRP Ledger system, as the total value locked there has soared to approximately $68 million. A significant portion of this locked-in value comes from the XRPL DEX, a platform that’s been experiencing an uptick in daily trading activity.
As an analyst, I am excited about Ripple Labs’ vision to invigorate the XRP Ledger ecosystem by drawing developers from a wide range of industries within the crypto sphere. The ultimate goal is to emulate the level of success achieved by Solana, currently leading the pack in the meme coin sector.
Currently, the market capitalization of Ripple’s RLUSD stablecoin has experienced significant growth, reaching approximately $72 million. Additionally, its daily trading volume has surged to a substantial $172 million, outpacing PayPal’s PYUSD by a considerable margin, with a daily volume of only $22 million.
Ripple Is Forming a Bullish Pennant Pattern
It’s increasingly likely that the value of XRP might surge, potentially reaching $5 by the end of the first quarter. This optimistic outlook is due to the gradual shaping of a bullish pennant structure in its daily chart.
An upward sloping pennant, formed by a lengthy flagpole followed by a symmetrical triangle structure, is often a positive indicator of further growth over the coming weeks. The triangle in question is getting close to its convergence point, suggesting potential increases ahead.
A significant rebound is expected to occur due to influential factors such as the approaching inauguration of Donald Trump, advancements in ecosystem expansion, and the possibility of a Ripple Exchange-Traded Fund.
A powerful surge in price might propel it beyond its 2024 peak of $2.9150, eventually aiming for the significant target of $5. Conversely, a fall below the lower boundary of the triangle at $1.90 could undermine the bullish perspective.
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2025-01-15 07:47