The recent surge of TRX, the token of the TRON blockchain platform, has caught investors' attention. TRON's founder, Justin Sun, announced plans to create a networked version of MicroStrategy for TRON, which may have been one of the catalysts for the token's record-breaking price rise. Over the past week, TRX has surged nearly 70%, reaching a new all-time high of $0.45.
Reasons Behind TRX's Sharp Rise
Another reason for the sharp increase could be Justin Sun's statement that TRX would soon catch up with XRP and become "stronger than the dollar." These words sparked debate among investors and pushed the token into trends, laying the foundation for growth. Additionally, the price may have been influenced by recent positive fluctuations in the cryptocurrency market.
At the time of writing, XRP's price exceeds TRX by more than sevenfold—$2.38 versus $0.3362.
Another key factor was the burning of over 10 million TRX tokens in October 2024, which reduced supply and supported the price. Technical analysis also shows signs of a bullish trend, especially with strengthening indicators such as RSI and MACD.
Political instability in South Korea also contributed to the rise. On December 3, President Yoon Suk Yeol declared an "emergency martial law" across the country, increasing interest in TRX as a means to move funds.
What’s Next for TRX
Analysts predict TRX could maintain its positive momentum in the coming months. Growth potential to $0.5–$1 by the end of 2024 is seen as realistic if the asset keeps its current pace. In the long term, by 2030, TRX's projected price could range from $2.10 to $2.53, indicating a possibility for substantial growth. This would allow TRX to catch up with XRP, provided the latter does not evolve further.
Experts emphasize the importance of holding support levels in the $0.35–$0.36 range for further growth. Breaking the $0.42 level could pave the way to $0.60, though recent volatility suggests consolidation may occur before the next steps.
Previously: TRON's Justin Sun Paid Millions for a Banana Taped to a Wall
This post is for informational purposes only and does not constitute advertising or investment advice. Please conduct your own research before making any decisions.
