Justin Sun Touts TRX as ‘Next XRP’ After XRP Token Makes Massive Monthly Gains Increasing By 344%

In the midst of XRP’s remarkable price surge, H.E. Justin Sun, the founder of the TRON blockchain, took to X (formerly known as Twitter) to tout TRX, TRON’s native token, as the “next XRP.” 

Sun’s proclamation suggests that he sees TRX as a potential successor to XRP’s recent success, drawing parallels between the two cryptocurrencies. 

This comparison is likely based on the similarities in their market positioning and potential for price appreciation, though it remains to be seen whether TRX will indeed be able to replicate XRP’s impressive gains.

XRP’s Remarkable Price Increase

The cryptocurrency world has been abuzz with the remarkable price surge of XRP, the native token of the Ripple network. 

In the past month, XRP has seen a staggering 344.9% increase in its price, reaching a new high of $2.43 on December 1st. 

This represents the XRP token’s highest price point in over six years, marking a significant milestone in its market performance.

XRP’s Trading Volume and Market Cap

The surge in XRP’s price has been accompanied by a substantial increase in trading volume. According to the latest data, the 24-hour trading volume for XRP stands at a staggering $34,223,249,823. 

This high level of trading activity relative to XRP’s market cap, which currently sits at $138,977,589,851, underscores the intense investor interest and market demand for the cryptocurrency. 

With a circulating supply of 57 billion XRP and a total supply of 99.99 billion, XRP’s near-full issuance indicates a stable supply structure that has likely contributed to its robust market performance.

Justin Sun’s Bullish Sentiment on TRX & Price Trajectory

In addition to the remarkable surge in XRP’s price, it’s worth taking a closer look at the recent performance of TRON’s native token, TRX. 

According to the latest data, the price of TRON (TRX) currently stands at $0.2102, representing a 2.06% increase in the last 24 hours and a 0.35% rise in the past 7 days. 

With a circulating supply of 86 billion TRX, the cryptocurrency has a total market capitalization of $18,141,363,341.

Justin Sun, remains steadfast in his belief that TRX is poised for greatness. Recently, Sun endorsed an Intuit Trading study on X (formerly known as Twitter) that suggests TRX could finally break free from its seven-year slump of trading below its all-time high of $0.30, which was achieved back in January 2018.

While some might view this prolonged stagnation as a textbook case of underperformance, Sun appears to see it as a mere “compression pattern,” one that is now primed to unleash a bullish wave of unprecedented proportions.

Optimism Surrounding SEC Chair Transition

The crypto sector has been abuzz with optimism regarding the upcoming transition in the leadership of the U.S. Securities and Exchange Commission (SEC). 

The current SEC Chair, Gary Gensler, is set to step down in January, and many in the industry are anticipating that his successor will adopt a more favorable stance towards digital assets. 

According to prediction market Kalshi, former SEC Commissioner Paul Atkins is the frontrunner to lead the agency, with a 60.3% likelihood of appointment, potentially signaling a more crypto-friendly regulatory environment.

Implications and Potential Impact

The dramatic surge in XRP’s price, coupled with H.E. Justin Sun’s “next XRP” proclamation and the anticipated changes in SEC leadership, could have significant implications for the broader crypto market. 

Investors and industry observers will be closely watching to see if TRX can indeed emulate XRP’s recent success, and whether the potential shift in regulatory stance under a new SEC Chair will further bolster investor confidence and drive more widespread adoption of cryptocurrencies. 

As the crypto landscape continues to evolve, these developments highlight the ongoing dynamism and volatility that characterize this rapidly-changing industry.

Also Read: Justin Sun Eats $6.2 Million Banana To Blurs Lines Between Art & Crypto Amid Heightened NFT Market