Tron founder Justin Sun is fueling market debate by calling TRX “the next XRP”. Investors are speculating whether TRX will show a similar rise like XRP. The TRX price rose by more than 15 percent today, showing strong confidence in the market.
Tron inventor calls TRX the next XRP
The increase of over 15 percent in the price of Tron caught the attention of investors today. There have also been a number of investors speculating about the potential reasons behind the TRX price increase. Notably, many reasons could have contributed to the recent increases in the crypto price. However, Tron founder Justin Sun recently caught the attention of investors with his posts on social media. In a series of X posts, Sun compared TRX to Ripple’s native crypto XRP. This was enough to spark debate in the market.
For context, Sun called TRX the “Next XRP”, which has attracted the focus of the XRP community as well as crypto market enthusiasts. In a separate post, Justin Sun once again echoed a similar sentiment. This time, he said “TRX=XRP”. As you have been following on Kriptokoin.com, XRP has been on a strong rally recently. So Sun’s comparison with XRP has fueled debate in the broader crypto market.
Will TRX follow the same path as XRP?
Meanwhile, XRP has been one of the best performers in the digital asset space over the last month. A flurry of positive developments for Ripple, including Gary Gensler’s resignation update, advancements in the XRP lawsuit, XRP ETF filings by top players, and others, contributed to the recent gains. However, the comparison has not only caught the attention of investors. The comparison has also led to discussions on whether the Tron price will follow the same path as XRP.
TRX price rallies
The TRX price is up more than 15% today, changing hands at $0.2376. The token’s one-day trading volume jumped 116% to $2.49 billion. Notably, TRX has managed to record a 23% jump in the last seven days. It has also witnessed a monthly increase of nearly 44%. Moreover, TRX Futures Open Interest surged 43% to $184.82 million. This indicates a bullish trend in the market.
However, the crypto’s Relative Strength Index stands at 77. This indicates an overbought condition for the asset. Usually, an overbought scenario signals a potential short-term pullback. This is because some investors may book profits due to the large increase in the asset’s price. Despite this, many investors seem to be bullish on crypto, especially after Justin Sun compared Tron (TRX) to XRP. Investors expect a similar performance for TRX, especially with Sun’s recent X posts.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
