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Tron Price Surges 15% as Justin Sun Calls TRX the “Next XRP”

Arslan Butt•Wednesday, December 4, 2024•2 min read

Tron (TRX) up 15% today at $0.236 with 116% daily volume of $2.49 billion.

This is on the back of altcoin interest and speculation after Justin Sun said TRX is like XRP. TRX up 23% in the last week and 44% in the last month.

TRX price surge coincides with institutional and retail interest as TRX Futures Open Interest up 43% to $184.82 million. But RSI is at 77, overbought and may pull back short term as some investors may take profits after the big upmove.

 

XRP/USD

Justin Sun Fuels Speculation with “Next XRP” Comments

Justin Sun posted on X (formerly Twitter) that TRX is the “Next XRP”. This has generated a lot of interest in the crypto community especially with XRP’s recent rally fueled by legal updates, ETF filings and positive news around Ripple.

Sun’s posts including “TRX = XRP” has not only caught the attention of the Tron and XRP community but also the broader market speculating that TRX will follow XRP’s path. XRP was one of the top performing assets last month with gains driven by positive legal updates, institutional interest and Gary Gensler’s rumored resignation.

Sun’s comparison has made TRX a strong player in the altcoin market and many see this as a trigger for the uptrend.

What’s Driving Tron’s Momentum?

Several factors have contributed to Tron’s rally:

  • Altcoin Interest: Renewed focus on altcoins has spurred interest in TRX as a top contender.

  • Social Media Influence: Justin Sun’s comparisons to XRP have ignited market speculation.

  • Market Activity: TRX’s one-day trading volume surged 116%, signaling strong investor participation.

  • Bullish Metrics: TRX Futures Open Interest rose 43% to $184.82 million.

  • Overbought Conditions: An RSI of 77 suggests a potential short-term correction.

Despite being overbought, many still like TRX with Sun’s public support and XRP comparisons. If TRX holds and attracts more buyers, it may follow XRP’s path.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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