Can Toncoin flip Ripple’s XRP? Over 20% drop sparks questions

• Ripple and Toncoin were trading around $0.46 and $5.2, respectively.
• Both cryptocurrencies’ Relative Strength Index (RSI) were in the oversold territory.

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. Given their proximity in market capitalization rankings, could these declines lead to a rearrangement in their positions?

Ripple and Toncoin drop over 20% in seven days

According to recent data from CoinMarketCap, the cryptocurrency market has been experiencing a significant downturn. Over the last seven days, notable cryptocurrencies have seen substantial declines in their value. 

Ripple (XRP), for instance, has lost over 23% of its value, positioning it as the seventh-largest by market capitalization.

Concurrently, Toncoin (TON) has also suffered 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 stands at approximately $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 indicates 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 pushed Ripple’s price from the $0.50 range down to the $0.40 range. 

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

Source: TradingView

Furthermore, an analysis of Toncoin 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 a major support level. Its support level, formed by the long moving average (blue line), was around $5.3.

Source: TradingView

Additionally, the Relative Strength Index (RSI) is at 21, indicating that TON is firmly 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 catch up soon.