Tron (TRX) Skyrockets 66%, Becomes Top Performing Altcoin: Can It Match XRP?

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As a researcher with over a decade of experience in the cryptocurrency market, I have witnessed numerous bull runs and bear markets. The current surge in Tron’s TRX token has piqued my interest, particularly given its striking resemblance to Ripple’s XRP‘s price action over the past month.

In the last 24 hours, Tron’s native token, TRX, has experienced an astounding 66% increase, placing it at the forefront of the top-performing altcoins among the top 100. This remarkable surge is in line with a widespread rally among altcoins, contributing to overall market growth.

Over the past month, there’s been a significant rise that’s been likened to Ripple (XRP)’s extraordinary 300% price surge. The pressing matter now is whether TRX can maintain its upward trend.

Tron Volume Surpasses $14 Billion, Draws Comparison to XRP

Yesterday, it was reported by BeInCrypto that Tron had reached a new all-time high at $0.23, but it seemed this was merely the beginning of another rally. Just moments ago, I observed a significant surge in TRX’s value to around $0.44, only for it to pull back slightly and now sit at approximately $0.39.

I, as an analyst, noticed a significant surge in TRX’s value following a daring assertion by Justin Sun, the founder of Tron, who announced on December 2 via Twitter that TRX could be the next XRP. This declaration sparked speculation and heightened investor enthusiasm. Subsequently, Santiment data revealed an escalation in TRX trading volume to approximately $14.67 billion.

The amount or level of trading activity within the market signifies buying and selling interest in a cryptocurrency. When it comes to pricing, an increase in trading volume coupled with a rise in price suggests positive sentiment, or “bullish” signs. If both volume and price continue to surge, it’s possible that TRX might see further increases in value within the near future.

Additionally, the Bulls and Bears Indicator – a tool that gauges the level of activity from accounts responsible for over 1% of all trades – aligns with our hypothesis. To clarify, ‘bulls’ in this context refer to those who purchased approximately 1% of the trading volume.

Bears, on the other hand, are addresses that sold a similar amount.  When there are more bears than bulls, a cryptocurrency is likely to experience selling pressure. But as the top-performing altcoin, Tron bulls outpaced bears. If sustained, then TRX’s price is likely to bounce back toward $0.44.

TRX Price Prediction: Temporary Setback, Higher Value

On a day-to-day graph, Tron’s (TRX) value encountered resistance at approximately $0.43, causing it to drop down to around $0.39. Nevertheless, the Money Flow Index (MFI) suggests that this dip might just be short-lived.

The MFI measures the level of capital flow entering a cryptocurrency. When the reading drops, it indicates selling pressure. But in this case, it has continued to rise, suggesting that more liquidity has flowed into the TRX market and is fostering buying pressure.

If the current trend continues, Tron’s value may surge past $0.45. In an optimistic outlook, it could even approach $1 and mimic XRP’s growth. Conversely, if TRX investors looking to cash out, the price might dip down to around $0.33.

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2024-12-04 12:54