Ripple-affiliated XRP cryptocurrency has slipped below Toncoin (TON) by market capitalization, according to data provided by CoinCodex. The two cryptocurrencies are valued at $27.38 billion and $26.57 billion, respectively.
TON, the native cryptocurrency of The Open Network (Telegram Open Network), is up more than 2% over the past 24 hours. Meanwhile, XRP is down 1.55% over the same period of time.
It is worth noting that TON has managed to outperform 80% of the top 100 cryptocurrency assets in a year, with its price increasing 456% over the past year.
As reported by U.Today, the TON network has now surpassed more than $500 million in total value locked (TVL). Tonstakers, DeDust, and STON.fi are the leading projects by market cap.
For comparison, XRP has been one of the worst-performing cryptocurrencies in the top 100. That said, as noted by analyst Bill Morgan, this is largely due to the fact that the cryptocurrency experienced a massive rally last July following Ripple’s partial victory against the SEC. However, it failed to maintain its momentum and pared its huge gains, which is why its performance seems to be underwhelming compared to other cryptocurrencies at first glance.
With that being said, XRP is still down 85.9% from its record high, which makes it one of the worst-performing cryptocurrencies alongside Cardano (ADA) and Polkadot (DOT).
Meanwhile, XRP remains above TON on CoinGecko, another popular coin-tracking website.