Phoenix ($PHNIX), the rising memecoin on the XRP Ledger, is catching fire in the crypto world. Over the last 24 hours, $PHNIX has jumped more than 16%, hitting a new local high of $0.00001938. This adds to its impressive 7-day gain of approximately 36%, triggering increased interest among investors and memecoin enthusiasts.
Currently ranked #1065, Phoenix has a market cap of $10.27 million and a Fully Diluted Valuation (FDV) of $11.41 million. Despite a slight drop of 2.39% in trading volume to $339,610, the memecoin has managed to break out of its consolidation zone near $0.00001433, a bullish signal for short-term traders.
According to CoinMarketCap, the surge in Phoenix’s price appears to be backed by a wave of community engagement on platforms like X (formerly Twitter) and Telegram. Its position in the XRP ecosystem adds another layer of intrigue, as XRP-based memecoins begin carving out their space in a market dominated by Ethereum and Solana tokens.
Technically, the breakout from the $0.000016 resistance level was a key bullish development. If momentum continues, $PHNIX could target $0.000021 next. However, in case of a reversal, investors should watch for support levels at $0.000017 and $0.000016.
While the memecoin market is notoriously volatile, Phoenix is showing signs of building a dedicated following, thanks to both its community hype and positioning on the XRP chain. But as always, investors are urged to remain cautious and observe broader market sentiment, especially in the memecoin segment.
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