TRX price rises amid Justin Sun's ambitious statements
Tron (TRX) surges 15% as Justin Sun fuels "next XRP" comparison
The price of Tron (TRX) has witnessed an impressive rally today, climbing over 15% and capturing the attention of crypto enthusiasts. This surge follows a series of social media posts by Tron founder Justin Sun, who boldly labeled TRX as the "next XRP."
His comments have fueled discussions in the market, coming on the heels of XRP’s own extraordinary performance, reports CoinGape.
Justin Sun Sparks Comparisons with XRP
Justin Sun’s remarks on social media have drawn parallels between TRX and Ripple’s XRP, one of the top-performing cryptocurrencies in recent weeks. Sun’s declaration, “TRX=XRP,” has resonated with investors, particularly those familiar with XRP’s recent rally.
XRP has experienced significant gains driven by regulatory updates, such as advancements in the Ripple lawsuit, SEC Chair Gary Gensler’s potential resignation, and several XRP ETF filings. These developments have established XRP as a dominant force in the digital asset space. Sun’s comparison suggests that TRX could follow a similar trajectory, which has intensified investor interest.
Strong Momentum for TRX
Tron’s price has surged to $0.236, reflecting a daily gain of over 15% and a weekly increase of 23%. Its one-day trading volume soared by 116% to reach $2.49 billion, while monthly gains stand at an impressive 44%. Additionally, TRX Futures Open Interest rose 43% to $184.82 million, signaling bullish sentiment in the market.
However, the Relative Strength Index (RSI) for TRX has hit 77, indicating an overbought condition. Historically, such scenarios suggest a potential short-term pullback as some investors may opt to take profits. Despite this, Sun’s bold comparison to XRP has kept investor confidence high, with many speculating that TRX could replicate XRP’s recent success.
Outlook for TRX
The rally underscores growing market interest in altcoins, driven by institutional and retail enthusiasm. While the overbought RSI could hint at a temporary cooldown, Justin Sun’s statements and the broader momentum in the crypto market position Tron as a token to watch. With XRP setting a precedent, the market will closely monitor whether TRX can match its rival’s performance.
Recently we wrote, that in a significant step toward greater accessibility, the XRP Ledger (XRPL) has slashed its reserve requirement by 90%, reducing the mandatory reserve for wallet creation from 10 XRP to just 1 XRP.
