TRX Skyrockets 99% Weekly, Justin Sun Declares It Will Be the Next XRP

While Ripple-linked XRP has clearly led the market rally over the past month, Tron's TRX is also stealing the spotlight.

While Ripple-linked XRP has led the market rally over the past month, Tron’s TRX is also making waves.

In the past 24 hours, TRX has spiked by over 70% to set a new record high above $0.4313, pushing it closer to the top 10 crypto assets by ranking, CoinGecko data shows.

At press time, the price of TRX is $0.4009, with the token boasting a market capitalization of $36.7 billion. TRX’s previous all-time high was $0.23, set in January 2018.

TRX is now up 99% on the weekly chart and over 279% year-to-date. The token’s sharp rally comes amid a broader altcoin uptick even as Bitcoin and Ethereum remain largely flat.

What’s Fueling TRX’s Parabolic Surge?

TRX’s parabolic rise has been fueled by Tron founder Justin Sun’s high-profile antics, including becoming the biggest investor in Donald Trump’s crypto project after pouring $30 million into World Liberty Financial (WLFI) tokens. Sun was also reportedly named an advisor to the Trump-backed DeFi project.

In another move, Sun shelled out 6.2 million to purchase Maurizio Cattelan’s renowned duct-taped banana artwork “Comedian”, which he recently chomped down on during a press conference. This stunt has sparked community engagement and is said to have indirectly boosted TRX’s price.

According to some observers, Tron’s all-time highs followed political upheaval in South Korea as President Yoon Suk Yeol declared emergency martial law — a first in the country in over 40 years.

The measure, which Yoon announced in a late-night television speech, came amidst allegations that South Korea’s main opposition party was sympathizing with North Korea.

“When martial law was in effect, all the Korean exchanges collapsed. It seems like all the coins are leaving the country for overseas exchanges,” X user Toy wrote. “Tron is skyrocketing.”

Will TRX Continue To Pump?

Popular analyst Javon Marks has suggested that the TRX rally is far from over, predicting an explosive move to the $1.11 level.

“$TRX (TRON) continues HEAVILY on what can be soon noted as a historical bullish move, but prices, by Logarithmic Measured Movement, can be far from done! These prices could be headed right to the $1.11 areas in another >369% climb,” he noted in an X post.

$TRX (TRON) continues HEAVILY on what can be soon noted as a historical bullish move but prices, by Logarithmic Measured Movement, can be far from done!

These prices could be headed right to the $1.11 areas in another >369% climb… https://t.co/VgEcCUwC9S pic.twitter.com/j87CcT6zIh

Meanwhile, Justin Sun has proclaimed that TRX is fated to become the next XRP. The Chinese-born entrepreneur’s comparison of TRX to Ripple’s XRP comes on the heels of the latter's rocket move to as high as $2.81. As ZyCrypto previously reported, XRP reclaimed its spot as the third largest cryptocurrency, displacing Tether’s USDT stablecoin.