Reasons to closely monitor these 2 cryptocurrencies in May

The cryptocurrency market is currently seeing a trend of trading in the red zone following the Bitcoin halving, with Bitcoin struggling to maintain its price above $60,000. As May progresses, investors are looking to historical post-halving patterns to see if they will manifest. In the midst of this uncertainty, two cryptocurrencies worth monitoring for their potential to stand out are XRP and Toncoin (TON).
XRP investors are closely watching the ongoing Ripple and Securities Exchange Commission (SEC) case, with hopes that the resolution will trigger a rally in the token, which has been stagnant due to legal uncertainties. The SEC’s final reply in the lawsuit’s remedies stage has disputed Ripple’s assertion of non-recklessness and raised concerns about XRP’s legal status. Despite positive developments favoring Ripple, XRP’s value has declined, currently trading at $0.50, with a 24-hour loss of over 2% and a weekly decline of over 6%.
Toncoin (TON), a Telegram-linked cryptocurrency, has stood out in the market as one of the few exhibiting significant gains amidst the bearish sentiment. Recent data shows that Toncoin has achieved the fastest network growth among leading cryptocurrencies in the past six months, with a doubling of non-zero wallets to 16.8k. The growth of TON can be attributed to the increasing popularity of the Telegram game community token, Notcoin (NOT), which has been integrated into top crypto exchanges like Binance.
In the short term, TON is trading in a bullish zone, attracting investor attention for May as it seeks to sustain its gains. The integration of Notcoin into top exchanges has bolstered the visibility of Toncoin among investors. Many platforms require investors to stake their TON tokens to acquire Notcoin, further driving interest in the token. At the time of reporting, Toncoin was trading at $6.69, marking a nearly 17% increase over the past seven days.
Despite the positive fundamentals of XRP and Toncoin, it’s essential to note that these cryptocurrencies remain susceptible to overall market sentiment. Investors should exercise caution and conduct thorough research before investing in these assets. The content presented in this article should not be considered investment advice, and investing in cryptocurrencies carries inherent risks. It is crucial to stay informed about market developments and make informed decisions based on sound analysis to navigate the volatile cryptocurrency market successfully.