Here’s why you should closely watch these 2 cryptocurrencies in May

In the short term, the cryptocurrency market is experiencing a prevalent trend of trading in the red zone following the Bitcoin (BTC) halving. Bitcoin, in particular, is at the forefront of uncertainty as it struggles to maintain its price above $60,000.

As May progresses, attention is directed towards whether historical post-halving patterns will manifest. Amidst this uncertainty, Finbold has identified two cryptocurrencies worth monitoring for their potential to stand out.

XRP

In May, XRP investors are closely monitoring the ongoing Ripple and Securities Exchange Commission (SEC) case, which is nearing its conclusion. XRP stakeholders anticipate that the case’s resolution will trigger a rally in the token, which has been labeled a “crypto zombie” due to its lack of significant movement.

In the latest development, the SEC filed its final reply in the lawsuit’s remedies stage, disputing Ripple’s assertion of non-recklessness and contesting “widespread uncertainty” regarding XRP’s legal status. Despite the court’s prior dismissal of Ripple’s “fair notice” defense, XRP’s value declined.

The SEC continues to question whether Ripple may engage in similar actions in the future despite no rule violations since the 2020 XRP lawsuit began. Additionally, the SEC rejected Ripple Labs’ $10 million settlement offer for allegedly selling XRP to institutional investors, insisting on a $2 billion penalty and deeming Ripple’s offer insufficient.

Positive developments favoring Ripple could potentially boost XRP, targeting a rally towards $1, with market attention focused on the token’s ability to maintain strength above the $0.50 support level.

According to Evai CEO Matthew Dixon, the upcoming Consumer Price Index (CPI) report, scheduled for release on May 15, could awaken XRP, which he described as a “sleeping giant.” Dixon believes a weaker-than-expected CPI reading could be a bullish catalyst, potentially propelling XRP above the $0.60 mark.

Furthermore, market participants will closely monitor Ripple XRP token unlocks, which could impact the token’s valuation.

By press time, XRP was trading at $0.50, experiencing a 24-hour loss of over 2%. On the weekly chart, XRP has declined by over 6%.

Toncoin (TON)

Despite prevailing bearish market sentiments, Telegram-linked Toncoin (TON) stands out as one of the cryptocurrencies exhibiting significant gains. Recent data from Santiment revealed that Toncoin has achieved the fastest network growth among leading cryptocurrencies over the past six months.

During this period, the network saw a more than doubling of non-zero wallets to 16.8k. In contrast, major cryptocurrencies like Bitcoin and Ethereum (ETH) experienced growth rates of 10% and 11%, respectively.

In the short term, TON is trading in a bullish zone, attracting investor attention for May as it seeks to sustain its gains. Notably, TON’s recent upward momentum can be attributed to the increasing popularity of the Telegram game community token, Notcoin (NOT).

The integration of Notcoin into top crypto exchanges like Binance has bolstered its visibility among crypto investors.

Toncoin may continue to rally as May progresses, fueled by growing interest in the Notcoin listing. Many platforms require investors to stake their TON tokens to acquire Notcoin.

At the time of reporting, Toncoin was trading at $6.69, marking a nearly 17% increase over the past seven days.

However, it’s essential to note that these highlighted cryptocurrencies remain susceptible to overall market sentiment despite these positive fundamentals.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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