Tron price rallies after founder Justin Sun said that TRX is the next XRP, sparking speculations amid the recent unprecedented surge in Ripple’s native crypto. By Rupam Roy 10 minutes ago
Highlights
- Tron price rallied more than 15% today, indicating strong market confidence.
- Tron founder Justin Sun calls TRX the “next XRP”, fueling market discussions.
- The investors are speculating if TRX would follow a similar surge like XRP.
Tron price has noted a robust rally today, gaining more than 15% while gaining significant traction from investors. Besides, the recent comment from Tron founder Justin Sun, calling TRX the “next XRP”, has also triggered discussions in the market, especially after the unprecedented rally of the XRP price recently. Notably, this surge comes amid soaring interest of the market participants towards the digital assets space as well as altcoins.
Justin Sun Calls TRX The Next XRP
The rally of over 15% in Tron price has caught the eyes of investors today, with a flurry of investors speculating on the potential reasons behind the TRX surge. Notably, a flurry of reasons could have contributed to the recent gains in the crypto’s price. For context, the recent shifting focus towards the altcoins, rising institutional and retail interest towards the token, and others might have contributed to the gains.
However, Tron founder Justin Sun has caught the eyes of the traders recently with his recent posts on social media. In a series of X posts, Sun compares TRX with Ripple’s native crypto, XRP, which has fueled discussions in the market.
Source: Justin Sun, X
For context, the founder has called TRX the “Next XRP”, which has attracted the focus of the XRP community as well as the crypto market enthusiasts. In a separate post, Justin Sun once again echoed a similar sentiment, and said “TRX=XRP”. The comparison with one of the top altcoins, XRP, which has noted a robust rally recently, has fueled discussions in the broader crypto market.
Source: Justin Sun, X
Meanwhile, the XRP price was one of the top-performing assets in the digital assets space last month. A flurry of positive developments of Ripple, including Gary Gensler’s resignation update, XRP lawsuit advancements, XRP ETF filings by top players, and others, might have contributed to the recent gains. Having said that, the comparison not only gained investors’ attention but also sparked discussions if the Tron price would follow the same path as XRP.
TRON Price Rallies
TRX price today rallied more than 15% today and exchanged hands at $0.236, while its one-day trading volume skyrocketed 116% to $2.49 billion. Notably, the crypto has noted a jump of 23% over the last seven days, while witnessing a monthly surge of around 44%. Furthermore, TRX Futures Open Interest rose 43% to $184.82 million, suggesting a bullish sentiment hovering in the market.
However, the Relative Strength Index of the crypto was at 77, indicating an overbought condition for the asset. Usually, the overbought scenario hints towards a potential short-term pullback, as some investors might book profit due to the massive surge in the asset’s price.
Tron (TRX) Price Chart
Despite that, many investors appear to be bullish on the crypto, especially after Justin Sun compares Tron with XRP. Given XRP’s soaring dominance in the crypto space recently, a flurry of investors are also anticipating a similar performance for TRX ahead, especially with Sun’s recent X posts.
