Developments in the cryptocurrency market continue. The recent drop in Bitcoin’s price caused panic in the market, but a recovery followed. Additionally, the total value of the cryptocurrency market increased by 2.9% in the last 24 hours, reaching $2.4 trillion. Meanwhile, some cryptocurrencies are approaching a market cap of $50 billion. We examined the current status of two of them for you.
XRP (XRP)
XRP price has not reached $1 for a long time and has even remained below $0.50 recently. As of the time of writing, XRP is trading at $0.4777 after a 2.20% increase in the last 24 hours. However, it failed to break the resistance at $0.4820, pulling it below the critical $0.4750 level.
On the other hand, it is worth noting that XRP fell to $0.4619 and then rose from that point. Recently, it has been breaking resistance levels at $0.4680 and $0.4720, showing signs of recovery.
The ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple continues to pressure XRP. However, a positive outcome from the lawsuit could support XRP’s rise.
As of today, XRP’s market cap is $26.571 billion, keeping it far from the $50 billion mark. Nevertheless, a positive news from the lawsuit and a market rise focused on BTC could have a positive impact on XRP and support market growth.
Toncoin (TON)
Following XRP, we examined Toncoin (TON), which showed a remarkable performance in 2024 and continues to do so. Before the recent fluctuations, TON’s value had reached a peak of $8.31 but then pulled back.
As of the time of writing, TON is trading at $7.49 after a 1.49% increase in the last 24 hours, with a 7.60% increase over the past 7 days.
TON’s market cap increased due to the price rise. According to the latest data, TON’s market cap has risen to $18.4 billion but still seems far from the $50 billion mark. The 24-hour trading volume was $333.7 million.
The fact that TON and XRP are currently far from the $50 billion mark does not mean they cannot reach these levels. The high volatility inherent in cryptocurrencies has the potential to show investors that these levels can be reached quickly.
