Ripple price has done well in the past few days as investors remained optimistic that the Securities and Exchange Commission (SEC) will approve a spot XRP ETF. These odds have continued rising on Polymarket.
The XRP price jumped above the lower side of the bullish pennant pattern and reached a high of $2.5. It has risen by over 550% from its lowest level in 2024, making it one of the best-performing crypto tokens. Now, Ripple price has a new catalyst as meme coins on the XRP Ledger surge.
XRP meme coins are soaring
One of the biggest criticisms of Ripple is that the network is a ghost chain since few developers are in its ecosystem, and just a handful of companies are using its XRP for payments.
This criticism could be changing as the XRP Ledger network sees more traction among developers. Data shows that meme coins in its ecosystem have recently gained market share.
XRP Army (ARMY), a new meme coin on the ecosystem, has jumped by 27% in the last 24 hours and 114% in the last seven days. This surge has brought its market cap to over $67 million.
PHNIX, another meme coin in the ecosystem, jumped by 44% in the last 24 hours and 12% in the last seven days. DROP token has also soared by 23% in the last 24 hours. The other top-performing meme coins in the network are Britto, Pongo, and Vagabond.
XRP bulls hope that Ripple will grow and become a major player in the crypto industry by attracting developers across all industries.
More data shows that the recently launched Ripple USD (RLUSD) stablecoin has continued to gain market share. Less than a month after its launch, it had a market cap of over $72 million. Still, it has more room to go to get to Tether’s $130 billion market cap.
XRP price analysis
The daily chart shows that the XRP token bounced back and reached a high of $2.60, its highest swing since December 17. It has formed what looks like an inverse head and shoulders chart pattern, a popular bullish sign.
Ripple price has moved above the 23.6% Fibonacci Retracement point and the upper side of the bullish pennant chart pattern. A pennant comprises a vertical line and a symmetrical triangle pattern. It has also remained above the 50-day moving average.
Therefore, the path of the least resistance for the XRP price is bullish, with the next level to watch being at $2.90, up by 14% from the current level.
Read more: Crypto Price Analysis – Bitcoin (BTC), Ripple (XRP), Binance Coin (BNB)
