In the short term, the cryptocurrency market continues to trade in the negative zone following Bitcoin’s halving. Especially Bitcoin, the price of which has remained above $60,000 in recent times, continues to bring uncertainty to the market. As May progresses, the market is focused on whether past market models will emerge following the historic halving. Despite all this uncertainty, we have analyzed the market’s leading two cryptocurrencies for you.
XRP Comments
As of May, XRP investors continue to closely monitor the Ripple and Securities Exchange Commission (SEC) case, which is thought to be completed before the end of the year. XRP supporters believe that the resolution of the case could lead to new price movements for XRP, which has been sluggish due to a lack of interest so far.
According to the latest documents, the SEC has provided another response during the resolution process of the case. It opposed Ripple’s claim of harmlessness and contested the “widespread uncertainty” view regarding XRP’s legal status. Looking at the court’s rejection of Ripple’s “fair notice” defense, a decline in XRP’s value was observed.
SEC, states that no rule violations have occurred since the beginning of the XRP case in 2020, yet there is no certainty whether Ripple will engage in similar actions in the future.
Furthermore, the SEC made a significant move. It rejected a $10 million settlement offer from Ripple Labs to its institutional investor team regarding XRP sales and insisted on imposing a $2 billion penalty. This situation was interpreted as Ripple’s offer being insufficient.
Events potentially favorable to Ripple could potentially strengthen XRP, pushing it towards $1. All attention in the market is now on whether the token can maintain above the $0.50 support level.
While all this was happening, eyes were also on the XRP price. XRP rose to $0.5064 following a 1% increase in the last 24 hours.
Toncoin (TON)
Despite the prevailing downward trend in the market, Toncoin (TON), linked to Telegram, stands out as one of the cryptocurrencies showing significant gains. According to the latest data provided by Santiment, Toncoin has had the fastest network growth among leading cryptocurrencies over the past six months.
During this period, the number of wallets with a balance above zero doubled to 16,800, indicating growing investor interest.
In the short-term review, TON still appears to be in the rising zone. While this situation continues on the TON side, it continues to attract investors’ attention for May. On the other hand, the recent upward momentum of TON may also be influenced by the increasing popularity of Notcoin (NOT), a topic in the Telegram gaming community.
As of writing time, Toncoin is trading at $6.77, reflecting a 1% decrease. However, it has seen a 19% increase over the last seven days.
