XRP Holds Steady Despite Downtrend, Toncoin on the Rise

Join us on :

The cryptocurrency market is a whirlwind of constant change, and XRP is currently caught in a downdrift. However, there are signs that buyers are still interested in the altcoin, despite the weak trend. Meanwhile, Toncoin is making a meteoric rise, shaking things up in the market rankings.

XRP Struggles Persist

A technical analysis of XRP’s daily performance paints a clear picture: bears are in control. The price is stuck below both the short-term and long-term moving averages, indicating strong resistance and weak momentum. This bearishness is further confirmed by the short moving average consistently trailing below the long one. XRP simply can’t seem to break above either average, highlighting the ongoing downtrend.

The price woes continued on June 26th, closing at roughly $0.469, a 1.35% drop. It dipped slightly further to $0.466 since then. The RSI is nearing oversold territory, currently hovering around 35. If it dips below 30, a potential price bounce could be in the cards.

Toncoin Gains Traction

While XRP falters, Toncoin is experiencing a surge in popularity. CoinMarketCap data reveals that XRP has shed 6% over the past week, mirroring Bitcoin’s 7% decline. XRP currently holds the number seven spot with a market capitalization of $26 billion.

We're on Twitter, follow us to connect with us: @Cryptoboom
— Cryptoboom (@Cryptoboom29884) April 15, 2024

However, Toncoin’s ascent is nothing short of remarkable. It now sits at number eight with a market value of $18.6 billion. This rapid climb has seen Toncoin overtake established names like Tron Dao, Cardano, and Dogecoin, signifying a growing presence and investor confidence. If XRP’s downtrend continues while Toncoin maintains its upward trajectory, a significant reshuffling of the market cap rankings could be imminent.

Is There Still Hope for XRP?

Analysis by Coinglass indicates that XRP’s Open Interest remains relatively low, hovering around $580 million. This stagnation since a sharp drop in April suggests dwindling investment and trading activity in XRP derivatives.

Despite the low Open Interest, there’s a glimmer of hope. The Funding Rate has remained positive at around 0.0086%. This means holding long positions (betting the price will go up) is more expensive than short positions (betting the price will fall). This suggests some buyers are still exerting influence over the market. While it doesn’t erase the subdued trading activity, it hints at some lingering, albeit limited, bullish sentiment.

Conclusion: A Market in Flux

XRP is undeniably facing an uphill battle against the current bearish trend. Investor interest seems to be waning. On the other hand, Toncoin is experiencing a surge, potentially leading to a shakeup in the market rankings. As we approach the final quarter of the year, the cryptocurrency market remains fluid, and these trends could shift dramatically. Traders and investors should stay vigilant and closely monitor these developments to navigate the ever-changing crypto landscape.