Tron’s native token, TRX, has taken the spotlight as the top-performing altcoin in the market, with an astounding 66% surge within 24 hours. This remarkable rally has propelled TRX to a recent high of $0.44, following its prior record of $0.23. The surge mirrors the broader altcoin market rally and draws comparisons to Ripple’s XRP, which has seen a 300% gain over the last 30 days.
The question now: Can TRX sustain its meteoric rise?
TRX Volume Hits $14 Billion Amid XRP Comparisons
The explosive growth in TRX comes on the heels of a bold claim by Tron founder Justin Sun, who proclaimed on December 2 via X that “TRX is the next XRP.” The statement ignited investor enthusiasm, with trading volume surging to $14.67 billion, according to Santiment data.
Rising trading volume coupled with price increases are often seen as bullish signals. The Bulls and Bears Indicator further supports this sentiment, showing that bulls outpaced bears, suggesting strong buying pressure that could sustain the rally.
Resistance and Price Action
Despite its strong upward momentum, TRX encountered resistance at $0.43, leading to a slight pullback to $0.39. However, technical indicators suggest this setback may be temporary.
The Money Flow Index (MFI), which tracks capital inflows into a cryptocurrency, indicates that liquidity continues to flow into the TRX market. This reflects sustained investor interest and could set the stage for another rally.
TRX Price Prediction: Short-Term and Long-Term Outlook
If bullish momentum persists, TRX could break above $0.45 and possibly aim for the $1 mark, mirroring the performance of XRP. However, profit-taking by holders, who are currently in profit, might trigger a price decline to $0.33 in the short term.
The current uptrend suggests that TRX is well-positioned to capitalize on its momentum. Continued market participation and bullish sentiment could propel the altcoin higher, reinforcing its status as a top performer in the crypto space.
