At the time of writing, Tron ( $TRX ) price jumped to its highest at $0.4097, with over 78% spike in price in a day. An important factor contributing to this steep increase may be the recent statements of Justin Sun, the creator of Tron, who promised that TRX would be the next Ripple.

These remarks have triggered heated conversations and high expectations among cryptocurrency enthusiasts that investors are confident TRX will continue to surge.

TRX Market Capitalization and Volume Surge

In the past 24 hours, the total market capitalization of TRX has been on the rise and is currently at 35.53 billion having risen by over 78%. This increase in market capitalization shows that investors are very much focused on TRX, given that the price has been consistently rising.

Further, the 24-hour trading volume of TRX increased to $14.41 billion, over a 547% rise in trading volume in the last 24 hours.

Comparing TRX to XRP

Justin Sun’s comparison of TRX to XRP has captured the attention of the crypto community. However, in his post on X, Sun referred to TRX as the “next XRP,” thereby implying that TRX has the potential to grow in the same way as XRP.

XRP has experienced substantial gains recently, driven by favorable legal developments surrounding Ripple’s lawsuit with the SEC and speculation around an XRP ETF.

If TRX is the “next XRP,” as Sun suggests then the token may continue with the upward movement, many are expecting more price surges. Further, in another post, Justin Sun wrote that “TRX=XRP.”

The growing excitement surrounding TRX’s potential has led to increased speculation about its future. XRP’s recent performance, including a rapid surge that has been happening, serves as a benchmark for what could lie ahead for TRX.

As a result, many investors are now closely monitoring TRX to see if it can replicate XRP’s remarkable gains.

Technical Analysis of TRX Price Movement

With the recent price movement of TRX, it is seen that the price is on an upward move and is at the moment at $ $0.4097. The sudden increase in the last few days further confirms a strong bullish trend in the market.

From a technical perspective, it may be noted that TRX has completed a Golden cross wherein the 13-day average has moved above the 49-day average.

This is a buy signal suggesting that TRX may keep its upward movement if momentum is maintained. However, the Relative Strength Index (RSI) is currently at 89.60 meaning that TRX is overbought at the moment.

Since the RSI is overbought, the traders may expect some corrective pullback that may provide a new entry point for the investors to move the next leg higher in the bull cycle.

TRX Price Potential Resistance and Support Levels

Analyzing the possible resistances and supports for TRX, the closest resistance level is $0.35, which seems like a strong barrier for the token’s price to overcome.

Should this resistance be breached then it opens up a potential price discovery phase whereby the price of the token is set to increase and look for a new high.

On the flip side, support is at the $0.30 level which was touched earlier this year. Pulling back to this level would indicate consolidation that could provide a good opportunity to enter during price dips.

Therefore, if the price fails to remain strong at this level we can look for support slightly below the $0.28 level which should provide further support.

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