Will TRX Coin Price Follow XRP’s Massive Rally? Is it about to reach $1?
Tron (TRX) surged 66% in the last 24 hours, reaching $0.44 before retreating slightly to $0.39. This impressive rally positions TRX as one of the top performing altcoins in the market, compared to Ripple (XRP) which recently experienced a massive 300% price increase.
The increase is a clear sign of investor interest and market support, following an increase in trading volume to over $14 billion. But what is behind this sudden jump? A big part of it comes from Tron founder Justin Sun and his recent move to call TRX=XRP.
Long TRX, short XRP?
On December 3, Tron set a new record for revenue generation, earning $20 million in a single day, sending its price skyrocketing. He has been making some bold moves, including declaring that 2025 will be the “Year of Crypto” due to better conditions, clearer regulations and more people adopting digital currencies. Tron also wants to be a leader in cross-border payments, similar to how Ripple's XRP works.
Sun also recently announced a $30 million investment in Donald Trump's Global Freedom Finance to expand Tron's influence in decentralized finance (DeFi). This could be huge for Tron as it could open up new opportunities to connect traditional finance with the crypto world.
The key factor driving TRX's growth is strong buying pressure, with the bullish and bearish indicator outperforming the selloff. The Money Flow Index (MFI) supports this, highlighting that more liquidity is entering the market, which is a great sign for the coin's future.
TRX technical view
Last week's TRX technical indicators suggest a positive outlook, although the token may be a bit “overbought” at the moment. If the volume and buying pace continues, TRX could target the $0.45 mark, and possibly even significantly closer to $1. However, if profit-taking takes hold, there could be a temporary pullback to around $0.33.
For example, the Relative Strength Index (RSI) is at 87.08, which means that there has been a lot of buying, which has pushed the price higher. While this typically indicates that the token may soon take a break or dip, there is also a possibility that it could rise. Earlier, when RSI was this high, TRX hit an all-time high. If history repeats itself, TRX could break its previous record and reach a new high by the end of December.
For investors, the next few days will be crucial to decide whether TRX continues its upward trend or a correction is imminent.
