TRX Reaches New All-Time High as Justin Sun Calls It the “Next XRP”

Tron's price jumped more than 15% in a day, creating greater interest among investors. This rally coincides with a series of bold statements from Tron founder Justin Sun, who called TRX the “next XRP”.

Tron’s native token TRX surged more than 15% in a day on December 4, sparking interest among investors. This rally comes amid a series of bold statements from Tron founder Justin Sun, who has been hyping up TRX as the “next XRP” on social media platform X.

In his posts on X, Sun highlighted the resemblance between TRX and XRP and the possibility of TRX repeating XRP’s recent gains. XRP has seen an impressive surge as the token price rose by approximately 23% within a week to trade at $2.45.

TRX, the native token of the Tron blockchain, soared to a new all-time high on December 4, surpassing $0.44, marking an 80% surge in just 24 hours. This rally pushed TRX’s market capitalization to approximately $36.77 billion.

In comparison, AVAX, ranked 11th by market cap, had a market capitalization of $21 billion. As the cryptocurrency market continues its surge, Tron has played a major role in the altcoin rally.

This new high comes before a previous all-time high of $0.22 set in June 2018 for Tron. It took the token more than six years to regain that level and set another record of $0.44.

However, Tron saw its previous all-time high in 2018 during a bull market fueled by initial coin offerings (ICOs). At the time, Tron raised a total of $70 million in its ICO.

Javon Marks, a renowned crypto trader, pointed out the sharp rise in TRX’s price on X, adding that TRX may gain another 720%, touching $1.11. His prediction came after a similar one in September at a time when TRX was trading at $0.155.

Later on December 3, TRX was trading at $0.43, up by 14.07% over the past 24 hours. Meanwhile, TRX surged by 320% in the past 90 days.

Apart from the price surge, the TRX market rally is also backed by whale activity. The number of transactions of more than $100,000 in TRX increased from 244 to 722 within 24 hours, between December 2 and December 3.

According to IntoTheBlock data, the total value of these transactions hit $432 million, indicating more than the casual investor’s participation, including institutions and high-net-worth individuals.

Whale activity usually leads to a rise in retail traders as they fear missing out (FOMO). This has furthered the buying pressure on TRX, which led to an increase in prices.

Consequently, TRX’s trading volume also doubled 84daily, reaching $10. billion within a single day. Even though the TRX price rise places the token in good standing for more short-term gains, it also increases price fluctuation.

The increase in trading and whale’ activity suggests that TRX may be set for major changes in the near future. Sell-offs by whales could lead to a market dip, which in turn gives rise to fear, uncertainty, and doubt (FUD) among retail investors.

Also, the TRX’s Relative Strength Index (RSI) is trading above the 70 level at the moment, which suggests some overbought conditions in the token.