The markets have been showing signs of recovery as of late. Bitcoin has climbed up almost $1000 in the last couple of weeks, which has reflected well on altcoins like Tron and Ripple. Many see these tokens as poised to have a similar upwards trajectory in an upcoming bull run, so let’s analyze both a bit closer.
Tron has reacted positively to the recent Bitcoin break-outs. As you can see from the graph, the price went up from $0.034 to $0.039 at one moment, after which it consolidated at just below $0.038. The most recent Bitcoin surge saw Tron follow along as well, rising above $0.040 and looking to continue the run upwards. Currently TRX is up over 6% in the last 24 hours and will need just above 100 million in market cap to overtake Tether and once again become one of the top 10 most valuable cryptocurrencies in the world.
XRP paints a similar picture. Entering the month at $0.42, the coin hasn’t wasted time to rise all the way up to the current levels of $0.48, recording a break-through of 5.72% in the last 24 hours. Easily breaking through the previously predicted resistance line at $0.475, the token seems to have a clear path to the next milestone set a $0.5. XRP’s current market cap of $18,894,648,767 USD is just enough to keep it safely tucked in the no.3 spot of the list of world’s most valuable cryptocurrencies.
Analysts feel that TRX is currently in a similar position that XRP was in just over a year ago. At the beginning of last May, XRP was indeed valued at $0.040. In less than 8 months the coin managed shoot up to $3.80, increasing by more than 9500% before the following bear run. And looking at where TRX is now, there are more parallels to be made.
Namely, TRX mainnet is live and almost all the ERC-20 tokens have been replaced with native Tron ones. XRP had a working mainnet a year ago as well. Also, both XRP and TRX have strong communities that support their projects vividly through thick and thin.
That being said, there are a couple of reasons to be cautiously bullish on TRX. The recent BitMEX futures market for TRX could be one of those. While this might bring institutional money, it could also lead to people shorting the hell out of the coin and making its price plummet. Pornhub partnership also recently graced the crypto airwaves, even though the announcement looked as sleazy as a picture of Justin Sun. With 33,251,807,424 TRX recently locked away in 1000 addresses of TRON mainnet and “#TRON topping the charts for web searches on @GoogleTrends in June”, short-to-mid-term fortunes of the token look positive indeed.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.