TL:DR;
- Tron’s price flew through the roof in the past 12 hours or so, smashing its previous record and charting a new one a lot higher.
- This came amid a compelling post from Tron’s founder that compared the protocol’s native token against another high-flyer as of late – XRP.
TRX’s Explosion
It seems like the recent prediction by CryptoQuant’s CEO – Ki Young Ju, about the current altcoin season is coming true. He said that it will be a different altseason as only a selected handful of assets will skyrocket periodically.
After alts like DOGE, XRP, HBAR, and XLM, the past 24 hours belonged to Tron’s native token. There are no better words to describe TRX’s movements since yesterday than a full-on explosion that pushed its price from $0.23 past its 2018 all-time high and toward a new one of $0.43, according to CoinGecko.
$TRX broke the 7 year old all-time high!
We need to show respect. One of the very few Crypto‘s which beat Bitcoin over multiple cycles!
I will wait for a good long entry, my spot position remains untouched. pic.twitter.com/4G30eHaYft
— MMCrypto (@MMCrypto) December 3, 2024
Aside from the apparent ongoing altseason, some of the reasons behind this impressive rally could be related to the overall developments within the Tron ecosystem. It continues to be at the forefront of Tether (USDT) transactions as well as it has seen the launch of numerous trendy projects like sun.pump. Additionally, the founder – Justin Sun, has been very active lately, especially in terms of spending cash, which includes a sizeable investment in Donald Trump’s crypto project.
TRX = XRP?
Sun also made an intriguing comparison as TRX’s rally was beginning, and the asset had just broken its 2018 all-time high.
TRX=XRP
— H.E. Justin Sun (@justinsuntron) December 3, 2024
Recall the price actions of Ripple’s cross-border token. The cryptocurrency became the top performer shortly after Trump won the elections, especially following Gary Gensler’s announcement about leaving the SEC. At one point, XRP had surged by over 420% on a monthly basis.
Moreover, the token trades at a multi-year peak of its own, nearing $3 earlier this week. It has become the third-largest cryptocurrency by market cap and continues to capture the community’s attention through its price movements.
TRX’s monthly surge of ‘only’ 135% is a lot more modest, but it managed to break its previous all-time high. As of now, TRX’s market cap remains about 5x lower than XRP’s but the crypto market is a wild place especially in the past month so everything can happen these days.
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