Ripple (XRP) and Toncoin (TON) Drop Over 20% in Seven Days

Ripple (XRP) and Toncoin (TON) have been significantly affected by the recent downturn in the crypto market, each declining by over 20% in the past seven days.

Cryptocurrency markets have been seeing some steep declines lately, with XRP and TON dropping over 20% each in the last seven days. Given their close proximity in the market capitalization rankings, could these declines be setting the stage for a reshuffling of their positions?

Let’s take a closer look at the numbers from CoinMarketCap.

Ripple and Toncoin drop over 20% in seven days

Recent data from CoinMarketCap shows that the cryptocurrency market has been experiencing a significant downturn. Over the last seven days, major cryptocurrencies have seen substantial decreases in their value.

For instance, Ripple (XRP) has lost over 23% of its value, making it the seventh-largest cryptocurrency by market capitalization.

At the same time, Toncoin (TON) has also seen a significant loss, dropping over 22% in value and currently holding the position of the eighth-largest cryptocurrency by market capitalization.

As of the latest data, XRP’s market capitalization is roughly $25.9 billion, reflecting the sharp decrease in its value. Similarly, TON’s market capitalization has been affected, currently valued at around $13.2 billion.

Analyzing the Ripple and Toncoin trends

An analysis of Ripple’s price trend shows that it has experienced one of its steepest daily declines in months. According to AMBCrypto, Ripple is currently trading at around $0.46, reflecting a drop of over 11%.

This decline has seen Ripple’s price pushed down from the $0.50 range to the $0.40 range.

Moreover, the short moving average (yellow line), which earlier provided support around $0.50, has turned into a resistance level. The Relative Strength Index (RSI) was at 30, indicating a strong bearish trend.

Source: TradingView

An analysis of Toncoin, on the other hand, revealed a significant decline in the last 24 hours. According to AMBCrypto, TON is currently trading at around $5.2, reflecting a 13% drop.

Similar to XRP, TON has broken through a major support level. Its support level, formed by the long moving average (blue line), was around $5.3.

Source: TradingView

Furthermore, the Relative Strength Index (RSI) is at 21, indicating that TON is deep in the oversold zone and experiencing a strong bearish trend.

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)

According to Coinglass, XRP’s funding rate is around -0.0064%, indicating a recent shift in sentiment. In contrast, TON’s funding rate is -0.0188%, and it has been negative for the past few days.

This suggests that Ripple has a comparatively stronger sentiment, making it less likely for Toncoin to be catching up any time soon.

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