Toncoin (TON), native cryptocurrency of The Open Network, has positioned itself as the eighth largest crypto asset in capitalization. It is right after XRP, a cryptocurrency issued by the Ripple company, an asset which it seems to be about to surpass.
As shown below, TON's capitalization is now $23 billion, while XRP's is $28 billion. This takes place while both display contrasting behaviors.
This takes place while, precisely, the price of TON is 26% from its historical maximum recorded a month ago, which was $7.65. On the other hand, XRP is 86% away from such a milestone achieved in 2018.
In this sense, although the XRP market may gain strength in the current bitcoin (BTC) bull market that drives cryptocurrencies, it seems difficult for it to recover its record price and capitalization. In fact, it rather shows that cryptocurrencies like TON are ready to gain more value.
It should be noted that market capitalization refers to the total value of all coins in circulation.
XRP Market Cap
TON Market Cap
The decline in the value of XRP has occurred amid regulatory pressure against its issuing company, Ripple. The SEC, the US securities regulator, sued her in 2020, accusing her of selling an unregistered security. This, with reference to the sales of XRP made by this company.
Although the court ruled that XRP was not a security until 2023, the cryptocurrency market has not revived as before. And, unfavorable to the situation, in the last week, the SEC classified the stablecoin that Ripple plans to launch during 2024 as an "unregistered crypto asset. " This calms the market's bullish expectations.
Various Initiatives Drive Toncoin Adoption
In contrast to XRP, TON is showing an upward trend motivated by various initiatives that promote its adoption. Among the most recent, stands out the imminent launch of the notcoin token (NOT) on The Open Network scheduled for this Thursday.
Additionally, the TON Foundation this month launched “The Open League,” a community incentive program with the goal of distributing 30 million TON in three months. This is in addition to various developments such as the inclusion of cryptocurrency for advertising payments in the mobile messaging app Telegram and the launch of an asset-based exchange-traded fund ( ETF ).
Therefore, as long as these types of initiatives that encompass a driving narrative for toncoin, as well as the bitcoin bull market , continue , it is possible for TON to surpass XRP in market capitalization value.
