- Tron’s price surged over 15%, driven by Justin Sun’s comparison of TRX to XRP.
- Sun’s statements sparked speculation that TRX could follow a similar path to XRP, which has seen significant gains recently.
Tron’s price jumped more than 15% in a day, creating greater interest among investors. This rally coincides with a series of bold statements from Tron founder Justin Sun, who called TRX the “next XRP”. On X, Sun pointed out the resemblance between TRX and XRP and the possibility of TRX repeating XRP’s recent gains.
TRX, the next XRP
— H.E. Justin Sun (@justinsuntron) December 2, 2024
XRP has seen an incredible surge as the token price has risen by approximately 23% within a week to trade at $2.45. This has garnered interest from the XRP community and has led to a discourse regarding TRX’s potential for expansion. The comparison made between the two tokens has led to high trading volumes. Market analysts are checking if TRX can repeat the same performance as XRP in the current market trend.
TRX Reaches New All-Time High
On December 4, TRX, the native token of the Tron network, hit a new all-time high, surpassing $0.44, marking an 80% surge in just 24 hours. This rally pushed TRX’s market capitalization to approximately $36.77 billion, thus surpassing AVAX with a market cap of $21 billion. With the cryptocurrency market still on the rise, Tron has played a major role in the altcoin rally.
This new high was achieved before a previous all-time high of $0.22 set in June 2018 for Tron. It took the token more than six years to regain that level and set another record of $0.44.
Javon Marks, a renowned crypto trader, stated that the price of TRX on X would rise sharply, and TRX may gain another 720%, touching $1.11. His prediction came after a similar one in September at a time when TRX was trading at $0.155.
Tron Whale Activity
Apart from the price surge, the TRX market rally is also backed by whale activity. The number of transactions of more than $100,000 in TRX has increased from 244 to 722 within 24 hours, between December 2 and December 3. IntoTheBlock data reveals that the total value of these transactions hit $432 million, indicating more than the casual investor’s participation, including institutions and high-net-worth individuals.
Whale activity usually leads to a rise in retail traders as they fear missing out (FOMO). This has furthered the buying pressure on TRX, which has led to an increase in prices. Consequently, TRX’s trading volume also doubled 84daily, reaching $10. billion within a single day.
Even though the TRX price rise places the token in good standing for more short-term gains, it also increases price fluctuation. The increase in trading and whale’ activity indicates that TRX may undergo major changes in the near future. Sell-offs by whales could lead to a market dip, which in turn gives rise to fear, uncertainty, and doubt (FUD) among retail investors. Also, the TRX’s Relative Strength Index (RSI) is trading above the 70 level at the moment, which suggests some overbought conditions in the token.
