Tron’s price surge came after founder Justin Sun said TRX will be the next XRP, fueling speculation amid the recent unprecedented surge in Ripple’s native cryptocurrency.
Tron prices have seen strong gains today, rising by more than 15%, while gaining significant attention from investors. In addition, Tron founder Justin Sun recently called TRX the “next XRP,” which has also sparked market discussions, especially after XRP’s recent unprecedented rise in price. Notably, this rise comes at a time when market participants’ interest in the digital asset space as well as altcoins is surging.
Justin Sun says TRX will become the next XRP
Tron’s price surge of over 15% has caught the attention of investors, with many speculating on the potential reasons behind TRX’s surge. It is worth noting that a range of reasons may have contributed to the recent rise in cryptocurrency prices. For context, the recent shift in attention to altcoins, growing institutional and retail interest in the token, and other factors may have contributed to the rise.
However, a series of recent posts by Tron founder Justin Sun on social media have attracted the attention of traders. In a series of X posts, Sun compared TRX with Ripple's native cryptocurrency XRP, which sparked market discussions.
As a background, the founder referred to TRX as the “next XRP”, which attracted the attention of the XRP community as well as cryptocurrency market enthusiasts. In another post, Justin Sun once again expressed a similar view and stated that “TRX=XRP”. The comparison with XRP, one of the top altcoins that has seen a strong rebound recently, sparked discussions in the wider cryptocurrency market.
Meanwhile, XRP price was one of the best performers in the digital asset space last month. A series of positive developments at Ripple, including Gary Gensler’s resignation update, XRP litigation progress, top players filing XRP ETF applications, etc., may have contributed to the recent gains. That being said, the comparison not only caught the attention of investors but also sparked discussions on whether Tron price will follow the same path as XRP.
TRON Price Rise
TRX price rose more than 15% today to $0.236, while its daily trading volume surged 116% to $2.49 billion. Notably, the cryptocurrency has risen 23% in the past seven days, while the monthly gain is about 44%. In addition, TRX futures open interest rose 43% to $184.82 million, indicating a high level of bullish sentiment in the market.
However, the cryptocurrency’s relative strength index is at 77, indicating that the asset is overbought. Typically, overbought conditions suggest a short-term pullback as some investors may take profits from a sharp rise in the price of an asset.
Despite this, many investors seem to be bullish on the cryptocurrency, especially after Justin Sun compared Tron to XRP. Given XRP’s recent surge in dominance in the cryptocurrency space, a large number of investors also expect TRX to perform similarly in the future, especially after Justin Sun’s recent X post.
