Toncoin, the native cryptocurrency of the Telegram Open Network, has seen its market capitalization surpass that of XRP, a cryptocurrency affiliated with Ripple. Toncoin's market capitalization currently stands at $27.38 billion, while XRP's market capitalization is at $26.57 billion. This development comes as Toncoin has seen a significant surge in value over the past year, with its price increasing by 456%. In contrast, XRP has experienced a decline in value, and is currently down 85.9% from its record high.

The performance of Toncoin can be attributed to its impressive gains over the past year, which have seen it outperform 80% of the top 100 cryptocurrency assets. Its total value locked (TVL) has also surpassed $500 million, with leading projects on the TON network including Tonstakers, DeDust, and STON.fi. Despite XRP's decline, it still ranks above Toncoin on CoinGecko, another popular coin-tracking website.

The decline of XRP can be attributed to its failure to sustain its momentum following a massive rally last July. This rally was sparked by Ripple's partial victory against the SEC, but XRP was unable to maintain its gains and has since experienced a significant decline in value. As a result, XRP is now one of the worst-performing cryptocurrencies, alongside Cardano (ADA) and Polkadot (DOT).

The rise of Toncoin and the decline of XRP highlight the volatility of the cryptocurrency market. Despite its decline, XRP still has a significant market capitalization, and its performance could change in the future. Similarly, Toncoin's surge in value may not be sustainable, and its performance could also change in the coming months.

The performance of Toncoin and XRP also highlights the different use cases and applications of various cryptocurrencies. Toncoin is the native cryptocurrency of the Telegram Open Network, and its performance may be influenced by the network's adoption and use. XRP, on the other hand, is affiliated with Ripple, and its performance may be influenced by the company's developments and partnerships.