Currently, the cryptocurrency market is predominantly marked by a trend of trading in negative territory, especially after the Bitcoin (BTC) halving. Bitcoin, in particular, faces uncertainty as it grapples to sustain its value above the $60,000 mark.
In May, investors in XRP are closely watching the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), which is drawing closer to a conclusion. They anticipate that once the case is resolved, it could spark a rally in XRP, a token often referred to as a "crypto zombie" due to its lack of significant movement.
In the latest development, the SEC filed its final response in the lawsuit's remedies phase, disputing Ripple's claim of non-recklessness and raising concerns about the widespread uncertainty surrounding XRP's legal status.
Despite Ripple's previous defense being dismissed by the court, XRP's value declined.
The SEC remains skeptical about Ripple's potential future actions, despite no reported rule violations since the start of the 2020 XRP lawsuit. Additionally, the SEC rejected Ripple Labs' proposed $10 million settlement offer related to the alleged sale of XRP to institutional investors, deeming it insufficient and demanding a $2 billion penalty instead.
Positive news favoring Ripple could potentially drive XRP's value towards $1, with market attention focused on its ability to hold above the $0.50 support level.
According to Matthew Dixon, CEO of Evai, the upcoming release of the Consumer Price Index (CPI) report on May 15 could act as a wake-up call for XRP, which he describes as a "sleeping giant." Dixon believes that a lower-than-expected CPI reading could serve as a bullish catalyst, potentially pushing XRP above the $0.60 threshold.
Despite the prevailing bearish sentiments in the market, Toncoin (TON), linked to Telegram, has emerged as one of the cryptocurrencies showing significant gains. Recent data from Santiment indicates that Toncoin has witnessed the fastest network expansion among leading cryptocurrencies over the past six months.
During this period, the network has seen a notable increase, with the number of non-zero wallets more than doubling to 16.8k. In contrast, major cryptocurrencies like Bitcoin and Ethereum (ETH) have experienced growth rates of only 10% and 11%, respectively.
In the short term, TON is trading positively, capturing the attention of investors in May as it strives to maintain its upward trajectory. Notably, the recent surge in TON's value can be attributed to the growing popularity of Notcoin (NOT), the Telegram game community token.
The listing of Notcoin on prominent cryptocurrency exchanges like Binance has further enhanced its visibility among crypto investors.
As May progresses, Toncoin could potentially continue its rally, driven by the increasing interest in the Notcoin listing. Many platforms now require investors to stake their TON tokens to acquire Notcoin.
It's important to acknowledge that despite the positive fundamentals outlined for these highlighted cryptocurrencies, they are still vulnerable to overall market sentiment.
May 2024, Cryptoniteuae