- TON was the least affected as its value dropped by only 4.4%
Buying pressure on XRP, and TON rose on the back of Bitcoin’s correction
Over the past 12 hours, the cryptocurrency market has become pessimistic, leading to significant drops in the prices of most cryptos. Notable losses were seen in XRP, Toncoin (TON), and Polkadot (DOT), each experiencing substantial decreases in their market values.
Bitcoin, as the leading cryptocurrency globally, experienced a downturn due to traditional markets plummeting during the geopolitical tension between Iran and Israel, which raised the possibility of an attack on Israel. Given its considerable market influence, this event significantly impacted the broader market.
XRP, TON, and DOT investors are worried
According to information from CoinMarketCap, most cryptocurrency tokens experienced significant decreases of more than ten percent. Specifically, XRP saw a decline of over 10% within the last 24 hours, reaching a value of $0.5481. Similarly, DOT suffered a drop of over 14%, and its price was at $7.3 as of the press time. Notably, both tokens experienced substantial increases in trading volume, with triple-digit growth during this period.
Previously, according to AMBCrypto’s report, XRP surpassed USDC to take the 6th position among cryptocurrencies by market capitalization. But due to recent market downturns, USDC regained its former rank.
According to a well-known crypto analyst on Twitter, DOT could have hit rock bottom in its price cycle and was preparing for an uptrend. Yet, the recent market downturn may indicate that this bullish prediction was premature, meaning DOT’s cycle bottom might still be elusive.
Toncoin showed resilience among other cryptocurrencies, experiencing a decrease of merely 4.4% in the past 24 hours. At present, its value is estimated at $6.8 with a market capitalization exceeding $23 billion. The cause for Toncoin’s comparatively stable price movement might be attributed to its impressive weekly gains. During the last week, the token saw significant growth and managed to surpass Cardano [ADA], taking a place on the top-10 list.
A significant decrease in value led to a strong influence on the general attitude towards XRP, DOT, and TON in the cryptocurrency market. According to AMBCrypto’s interpretation of Santiment’s statistics, there was a notable decline in the positive sentiment, or weighted sentiment, for these three tokens, signifying an increase in pessimistic feelings among investors.
Buying pressure is rising
During the market downturn, investors could have taken advantage and bought more of XRP and TON as their exchange outflows rose significantly and the amount of these tokens held on exchanges decreased dramatically according to Santiment’s data analysis.
These two metrics clearly suggested that buying pressure on these tokens has been high lately.
If the data is accurate, the increase in demand to buy could signal a change in direction for these tokens’ prices, potentially marking the start of an uptrend. Our findings showed that as the prices decreased, so did the open interests, mirroring the trend.
Read XRP’s Price Prediction 2024-25
If the metric is decreasing, it’s a sign that the current price direction for XRP, DOT, and TON might shift. In other words, there’s still a chance that these cryptocurrencies could regain their lost market values through a trend reversal.
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2024-04-13 09:43