Catalytic Converter

I have a 1992 Jeep Cherokee 4.0 L - 242 with 208k miles.

Recently I have noticed that my jeep has been smoking a lot. When I look under it, all the smoke is coming from the catalytic converter. It looks like steam more or less, but has a slight smell to it. There is nothing leaking onto it, all the smoke/steam is coming from within it. All of my gauges are fine and nothing else seems to be wrong. I believe it has never been replaced. Anybody have any ideas on what could be wrong with it?

Also, if it needs to be replaced. Could you tell me an approximate price range that I should look for when talking to shops?

Thanks for all the help in advance.