Recently, many people are closely watching whether Bitcoin can break its historical high, while TRON (TRX) has already set a new high in advance. TRX was once hailed as the 'Chinese coin,' but as the center of crypto assets shifted from China to the US, its popularity gradually declined.
However, in this round of the bull market, TRON has performed brilliantly, successfully breaking through its historical high. As a long-term holder of a small amount of this coin, I am very pleased with this surge. This article will analyze the reasons and prospects for TRX's rise in detail.
TRX is a familiar coin for me; I started paying attention to it when it was worth about 0.01 RMB. During the bull markets of 2019 and 2020, it surged to about 1.1 RMB due to speculation on a certain exchange.
However, as the Chinese government continues to strengthen its regulation of crypto assets, many projects with Chinese backgrounds have been hit hard, but TRON has shown different performance. Founder Sun Yuchen quickly laid out plans in the DeFi field with his influencer-like impact.
After that, TRON closely followed market trends, ventured into the gaming and MEME sectors, and launched multiple DApps, pushing its market value into the global top ten.
Nevertheless, TRX's price has long stagnated, and the market has many doubts about whether Chinese coins can rise again. Until recently, TRX's price hovered around 1 RMB.
In the recent market rally, TRX surged to over 2 RMB and skyrocketed in just a few days, successfully breaking through its historical high.
The historical high in 2019 was about 1.2 RMB. Once this barrier is broken, there will be no resistance from trapped positions in the market, allowing TRX to accelerate its rise. Then, Sun Yuchen's tweet 'TRX = XRP' pushed the price up to about 3.1 RMB.
Currently, TRX has pulled back to about 1.9 RMB, having doubled from its previous high, and holders are beginning to look forward to TRX hitting 7.2 RMB.
So, what has prompted this sudden surge? The key lies in Sun Yuchen's tweets. He is known for creating topics and frequently influences the market like Musk.
This time, the phrase 'TRX = XRP' sparked market speculation: Could TRX become the next Ripple?
XRP is a cryptocurrency designed for international cross-border payments, and numerous financial institutions worldwide have tested or considered adopting it.
Sun Yuchen's move coincided with a surge in market sentiment, making TRX quickly popular.
On the other hand, XRP remains strong thanks to its victory in the SEC lawsuit, and the market believes TRX may replicate XRP's path.
He also publicly supported the public during the Korean crisis event, gaining favor from more Asian investors.
Looking forward, what is most intriguing is whether TRX can reach a target of about 7.2 RMB. This is not a fantasy—XRP also broke through from a long-term low to over 15 RMB.
If TRX can continue to develop, it is not impossible to follow a similar path.
Compared to XRP's rise from 3.1 RMB, TRX's increase from around 1 RMB is healthier. Even if the current price doubles, there is still room for growth.
As long as it breaks through around 5.2 RMB, hitting higher targets is just a matter of time.
What kind of 'performance' will Sun Yuchen have in the future? This is what we look forward to. This is an analysis of TRON's price surge and future outlook.
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I hope this article helps you invest smoothly and save costs. Thank you for reading!