Ripple’s Crypto Product XRP And Tron (TRX) Coins Were Leading The Market Surge Before Drop
There's no denying that the cryptomarket has been nothing short of a nightmare for most investors in the past one week. Holders have particularly experienced a special kind of heartache watching the prices of significant cryptocurrencies tank by the day. However, it is not all gnashing of teeth across the board. It seems as if fans of Tron (TRX) have been spared from this hellish nightmare thanks to the uphill climb of this gem in open defiance to the otherwise gloomy prevailing market conditions. And according to leading analyst, the growth can be directly attributed to the recent positive news emanating right from the heart of the House of Tron.
The Future Looks Bright
At the time of going to press, TRON (TRX) was riding the bullish wave firm north of an impressive 9% backed up with a $1.545 billion market cap. What's more, the cryptocurrency was last trading for $0.023 bolstered by a 24-hour market cap/volume of near $183.161 million. It is interesting to know that the current but unexpected bullish spike comes at the backdrop of sporadic TRX price shoot-ups. In fact, it was just last week that the cryptocurrency has surged to record highs of 14% per 24 hours.
In case you're wondering, a bulk of TRON's trading volume can be traced back to Binance. If anything, as much as $20.5 million worth of TRON was being traded at the platform every 12 hours. Firmly on the heels of Binance is Bit-Z with an equally impressive $20.3 million of the entire TRX trade.
But What Is Behind This Shoot-Up?
According to investors and analysts alike, the upsurge of the TRX is a direct result of Justin Sun's recent announcement. Justin, who is the CEO and founder of The Tron Foundation, recently enticed his twitter followers with the possibility of a major partnership between TRON (TRX) and a billion-dollar valuation magnate. Now, this of course was bound to generate some online hype that will eventually culminate to speculators rushing to acquire a piece of the cake before it was too late.
The impending partnership also comes at a day and age when The Tron Foundation has been at the forefront of trailblazing several important tie-ups with the key market players. And if any of this is anything to go by, there's no doubt that the Justin Sun led corporation does not shy away from leveraging the power of social media buzz. It was just a few months back when the company set the online-sphere ablaze via Twitter as soon as it leaked the news of its acquisition of an important industry player – BitTorrent.
Speaking of which, XRP is yet another cryptocurrency that has been enjoying the light from the bullish beam. If the trends are anything to go by, XRP stands at the second major gainer of all the top 10 tokens this past week. At the time of publishing it was going for $0.417 per piece with a total market valuation of approximately $16.8 billion.