Will TRX Coin Price Follow XRP’s Massive Rally? Is $1 Within Reach?
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Tron (TRX) has surged by 66% in the past 24 hours, reaching $0.44 before retracing slightly to $0.39. This impressive rally places TRX as one of the top-performing altcoins in the market, drawing comparisons to Ripple (XRP), which recently saw a massive 300% price increase.
The surge follows increased trading volume, reaching over $14 billion, a clear sign of rising investor interest and market support. But what’s behind this sudden jump? A big part of it comes from Tron’s founder, Justin Sun, and his latest moves of calling TRX=XRP.
TRX=XRP
— H.E. Justin Sun
(@justinsuntron) December 3, 2024
(@justinsuntron)
Long TRX, Short XRP?
On December 3, Tron hit a new record for revenue generation, raking in $20 million in just one day, which also helped push the price higher. Sun has been making some bold moves, including declaring that 2025 will be “the year of crypto” due to better conditions, clearer regulations, and more people adopting digital currencies. He also wants Tron to become a leader in cross-border payments, similar to how Ripple’s XRP works.
Recently, Sun also announced a $30 million investment in Donald Trump’s World Liberty Finance to help expand Tron’s influence in decentralized finance (DeFi). This could be huge for Tron, as it might open up new opportunities to bridge traditional finance with the world of crypto.
The key factor driving TRX’s growth is the strong buying pressure, with the Bulls and Bears Indicator showing that bullish activity is outpacing selling. The Money Flow Index (MFI) supports this, highlighting that more liquidity is entering the market, which is a bullish sign for the coin’s future.
TRX Technical Outlook
The technical indicators for TRX over the past week suggest a positive outlook, even though the token might be a bit “overbought” right now. If the volume and buying momentum continue, TRX could target the $0.45 mark, and potentially even approach $1 in a highly bullish scenario. However, if profit-taking takes over, there could be a temporary pullback to around $0.33.
For example, the Relative Strength Index (RSI) is at 87.08, which means there’s been a lot of buying, pushing the price up. While this typically signals that the token could take a break or dip soon, there’s also a chance it could continue rising. In the past, when the RSI was this high, TRX went on to reach its all-time high. If history repeats itself, TRX might break its previous record and hit new heights by the end of December.
For investors, the next few days will be crucial in determining whether TRX can maintain its upward trajectory or if a correction is imminent.
FAQs
Tron (TRX) surged due to record-breaking revenue, high trading volume, and bullish market sentiment driven by Justin Sun’s initiatives.
TRX could reach $1 in a highly bullish scenario if buying momentum continues and technical resistance levels are broken.
