- Ripple and Toncoin were trading around $0.46 and $5.2, respectively.
- Both cryptocurrencies’ Relative Strength Index (RSI) were in the oversold territory.
As a seasoned crypto investor who has weathered numerous market storms, I find myself intrigued by the recent downturn affecting Ripple (XRP) and Toncoin (TON). Over the past seven days, both cryptocurrencies have taken significant hits, with losses exceeding 20%.
Due to the recent drop in the cryptocurrency market, both Ripple (XRP) and Toncoin (TON) have fallen by more than 20% within the last week. Since they are close in terms of market value, could this decrease potentially cause a shuffle in their positions in the rankings?
Ripple and Toncoin drop over 20% in seven days
Based on current figures from CoinMarketCap, there’s been a considerable drop in the crypto market over the past week. Major cryptocurrencies have experienced sizeable decreases in their worth.
As a seasoned crypto investor with years of experience under my belt, I’ve witnessed the rise and fall of countless digital currencies. Ripple (XRP) is one such coin that has caught my attention lately due to its significant drop in value. Having closely followed this cryptocurrency since its inception, it’s fascinating to see XRP now holding the seventh spot in terms of market capitalization, having lost over 23% of its worth. This event serves as a stark reminder of the volatile nature of the crypto market, and it’s essential for investors like myself to remain vigilant and adaptable when navigating these digital seas.
At the same time, Toncoin (TON) has experienced a substantial decrease in value, falling approximately 22%. As a result, it now ranks as the eighth largest cryptocurrency by market capitalization.
Based on the most recent figures, the market cap of XRP is roughly $25.9 billion, indicating a significant drop in its worth. In a similar fashion, TON‘s market cap has also taken a hit, with an estimated value of about $13.2 billion.
Analyzing the Ripple and Toncoin trends
Examining the fluctuations in Ripple’s value suggests that it recently plummeted by one of its sharpest daily drops in several months. As reported by AMBCrypto, at this moment, Ripple is being traded at approximately $0.46, representing a decline of more than 11%.
This decline has pushed Ripple’s price from the $0.50 range down to the $0.40 range.
Furthermore, the brief moving average (represented by the yellow line) that once offered support near $0.50, is now serving as a potential barrier to further price increase. The Relative Strength Index (RSI), currently standing at 30, suggests a pronounced bearish momentum in the market.
In the past day, it appears that Toncoin has experienced a substantial decrease. As reported by AMBCrypto, its current value is approximately $5.2, representing a drop of about 13%.
Just like XRP, the value of TON has breached a significant level of support. This critical support, which is represented by the long-moving average (indicated by the blue line), was approximately $5.3.
Furthermore, the Relative Strength Index (RSI) stands at 21, suggesting that TON is deeply within the oversold territory and exhibiting a significant downward trend, driven by bears.
Can TON catch up with XRP?
An analysis of the funding rates for Toncoin and Ripple showed that both are currently negative.
Read Ripple (XRP) Price Prediction (2024-25)
Based on data from Coinglass, the funding rate for XRP stands at approximately -0.0064%. This suggests a recent change in investor sentiment. Conversely, the funding rate for TON is currently -0.0188%, and it has been negative for several days now, indicating persistent bearishness among investors.
It appears that Ripple’s sentiment is more robust, which might make it challenging for Toncoin to match or surpass its current position in the near future.
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2024-08-06 02:15