According to U.Today, the Ripple-affiliated XRP cryptocurrency has fallen below Toncoin (TON) in terms of market capitalization. The market values of the two cryptocurrencies stand at $26.57 billion and $27.38 billion, respectively. Over the past 24 hours, TON, the native cryptocurrency of The Open Network (Telegram Open Network), has seen a rise of over 2%, while XRP has experienced a 1.55% drop.
TON has shown impressive performance, outdoing 80% of the top 100 cryptocurrency assets in a year. Its price has surged by 456% over the past year. On the other hand, XRP has been one of the underperformers among the top 100 cryptocurrencies. This is largely attributed to a massive rally it experienced last July following Ripple's partial victory against the SEC. However, it failed to sustain its momentum and lost its significant gains, making its performance seem lackluster compared to other cryptocurrencies.
Despite this, XRP is still down 85.9% from its record high, making it one of the worst-performing cryptocurrencies alongside Cardano (ADA) and Polkadot (DOT). However, on CoinGecko, another popular coin-tracking website, XRP still ranks above TON. The TON network has now surpassed more than $500 million in total value locked (TVL). Leading projects by market cap on the TON network include Tonstakers, DeDust, and STON.fi.