- TON was the least affected, losing only 4.4% in value.
- TON rises due to buying pressure on XRP and Bitcoin correction.
The cryptocurrency market has been on a downward trend over the past 12 hours, with prices of most cryptocurrencies plummeting. XRP, Toncoin (TON)and Polkadot (DOT) They were also affected by this, and each of them lost a lot of market capitalization.
Bitcoin, the world’s largest cryptocurrency, plummeted as traditional markets plummeted amid geopolitical uncertainty over a possible Iranian attack on Israel. Due to its significant market power, the rest of the market has also been greatly influenced.
XRP, TON, DOT investors are worried.
CoinMarketCap’s data We found that most tokens recorded double-digit declines. The value of XRP has fallen more than 10% in the last 24 hours, while the price of DOT has plummeted more than 14%. At press time, XRP and DOT were trading at $0.5481 and $7.3, respectively. While this was happening, trading volumes for both tokens surged into triple digits.
AMBCrypto is reported Before XRP upset USDC to become the 6th largest cryptocurrency in the rankings. However, with the recent market crash, USDC has regained its position.
Regarding DOT, a prominent cryptocurrency analyst recently shared the following: Twitter proposal DOT may have reached the bottom of the cycle. In doing so, he hinted at a bull market. But the market crash invalidated the proposal and the fact that DOT’s cycle bottom may not have been reached yet.
Toncoin remains solid compared to the rest, losing only 4.4% in value over the past 24 hours. At press time, it was valued at $6.8 and had a market capitalization of over $23 billion. A possible reason for TON’s relatively stable price action could be its weekly rise. The token’s value has increased significantly over the past week, putting it in the top 10. Cardano (ADA).
The decline in value has also had a huge impact on market sentiment towards these tokens. AMBCrypto’s analysis of Santiment’s data shows that weighted sentiment for XRP, DOT, and TON has fallen sharply, suggesting that bearish sentiment for these tokens has risen.
Source: Santiment
Buying pressure is increasing
During the market crash, investors may have taken advantage of the opening to accumulate more. Analysis of data from Santiment shows that exchange outflows for both XRP and TON have increased over the past few days. Additionally, the exchange supply of both tokens has decreased drastically.
These two indicators clearly suggest that there has been high buying pressure on these tokens recently.
Source: Santiment
If the indicators are to be believed, an increase in buying pressure could also be interpreted as a trend reversal. Our analysis shows that while the prices of these tokens have been falling, their open interest has also trended downward.
read XRP price prediction 2024-25
A decline in a metric usually indicates that the ongoing price trend may be changing. Therefore, the possibility of a trend reversal that could allow XRP, DOT, and TON to recover their lost market capitalization cannot yet be ruled out.
Source: Santiment