According to recent data from CoinCodex, Toncoin (TON), the native cryptocurrency of The Open Network (TON), has overtaken Ripple-affiliated XRP in market capitalization. TON is now valued at approximately $26.57 billion, slightly ahead of XRP at $27.38 billion.

Over the past 24 hours, TON has demonstrated resilience with a 2% increase, contrasting XRP's 1.55% decline. The performance trend underscores TON's robust growth trajectory, having surged 456% in the past year, outpacing 80% of the top 100 cryptocurrencies.

In a significant development reported by U.Today, the TON network has exceeded $500 million in total value locked (TVL), highlighting its increasing adoption. Leading projects on the TON blockchain, such as Tonstakers, DeDust, and STON.fi, contribute to its expanding ecosystem and market capitalization.

Analysts attribute XRP's recent challenges to its volatility following a notable rally last July spurred by positive legal developments with the SEC. Despite initial gains, XRP has struggled to maintain momentum, contributing to its underperformance compared to other cryptocurrencies.

XRP, along with Cardano (ADA) and Polkadot (DOT), remains significantly down from its all-time high, reflecting ongoing market dynamics. Nonetheless, XRP maintains a higher position than TON on CoinGecko, indicating varying rankings across different cryptocurrency tracking platforms.

As TON continues to strengthen its market position and expand its network capabilities, the competition between TON and XRP in the cryptocurrency market is poised to evolve, influenced by factors such as technological advancements, regulatory developments, and investor sentiment.