TRX Coin Price Surges to All-Time High Amidst Comparison to Ripple’s XRP

The TRX coin price has witnessed a significant surge, reaching its all-time high of $0.4485, following a comparison to Ripple’s XRP by Justin Sun. This upward trend is part of a larger growth pattern, with TRON experiencing a 240% increase in the last 12 months, making it one of the best-performing cryptocurrencies.

TRX Price Surge and Network Growth

The recent surge in TRX price was largely attributed to Justin Sun’s prediction that TRX would mirror the performance of XRP in recent weeks. Data indicates that Tron is on the verge of surpassing Tether and Ethereum in terms of fees made this year, with over $1.84 billion in fees accrued year-to-date.

Cryptocurrencies like Ethereum, the most profitable network in the crypto space, have made $2.30 billion this year, while Tether has brought in $2.1 billion. If Tron’s network growth continues at this pace, there are rising odds it will surpass these networks in the coming months.

Network Fees and Transactions

Tron’s network generates fees from the substantial transactions flowing within its blockchain. For instance, the network handled over $229 billion in USDT volume in the past 24 hours, processing over 2.1 billion transactions during the same period.

Additionally, Tron reported over $10.57 billion in transactions in the last 24 hours, marking a 480% increase from the previous day. The circulating supply of TRX tokens has been declining due to burning activities, now standing at 86.29 billion, down from 88.5 billion in the same period a year earlier.

TRX Price Analysis

The TRX token has maintained a bullish trend since bottoming at $0.04532 in 2022 and 2023. On the weekly chart, it has surged past the crucial resistance level at $0.1797, the upper side of the cup and handle pattern—one of the most popular bullish indicators.

Tron has moved above all moving averages, while the MACD and Relative Strength Index have reached extreme overbought levels. The closely-watched Market Value to Realized Value indicator has risen to 2.8, still significantly below its all-time high of 6.

This trend suggests that the Tron price may have more upside potential. This will be confirmed if TRX rises above this week’s high of $0.4488. If this occurs, the token could rally further as bulls target the key resistance level at $1.

Key Takeaways:

  • TRX coin price reaches all-time high of $0.4485.
  • TRON experiences 240% increase in the last 12 months.
  • Tron’s network growth may surpass Tether and Ethereum in terms of fees made this year.
  • TRX token maintains a bullish trend, with potential for further upside.
  • Key resistance level at $1 may be targeted by bulls if TRX rises above $0.4488.

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Disclaimer: The information provided is for educational purposes only and should not be considered as investment advice.

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