RX is one of the top performers in the crypto market today, jumping a massive 104% in 24 hours and breaking its previous all-time high. The digital currency jumped to $0.43 for the first time in six years, backed by an astonishing $36 billion market capitalization. The founder of TRON, Justin Sun, boldly stated that TRX was now at the same level as Ripple's XRP in terms of utility.
To put this into perspective, the trading volume of TRON surged almost 500% to almost $14 billion when the token jumped from $0.21 to $0.43 within a single day. That astonishing increase of TRON contrasts with the retreats of other major cryptocurrencies– as Bitcoin slumped to $93,000, Ethereum and XRP sank 0.46% and 5.5% respectively.
Justin Sun Claims TRX is Equal to XRP
TRON founder Justin Sun took to social media to proclaim that TRX has finally reached parity with Ripple's XRP. Sun made the statement after TRON's market value rose to $0.2 on December 2nd.
On the flipside, the token has processed more than $230.5 billion in Tether (USDT) transactions – higher than Visa's transaction volume.
Analysts Predict Further Upside for TRX
Analysts remain very positive about the future of TRON, with some analysts suggesting the token could go another 150% higher to reach $1 per TRX. This is based on the token's low circulating supply of 86 billion versus a capped supply of 11 billion in 2022, leaving much room for growth as the TRON ecosystem scales.
With smart contract capabilities and growing prominence in DeFi, the future of TRON certainly does look bright. Time will tell whether this bold claim by Justin Sun that TRX will equal XRP will pan out in the ever-changing crypto landscape.
