The token (or should we say coin) of Tron (TRX) is currently valued at $0.038 at the moment of writing this. Looking at the price chart of Ripple (XRP) in 2017 before it exploded in value in December and later in January 2018, we find that the current level of TRX was the level of XRP in late April 28th, 2017. On this date, XRP was valued at $0.040 as seen in the price chart below.
What then proceeded, was that XRP was valued at $3.82 by January 4th. This is a time period of a little over 8 months. The reasons for the propulsion of XRP to new levels was mostly attributed to the Holiday season in December as well as more media coverage of the coin. This coverage reached its peak when XRP was rumored to be added to Coinbase in January.
So how will TRX follow in the footsteps of XRP?
Firstly, there is a working product in the form of the MainNet. Token migration is slowly but surely commencing with Binance and Game.io offering permanent token migration till the last TRX is converted to the MainNet. There is also the additional exchange of Bitmex that will start offering TRX Futures contracts.
Secondly, and as noted in the first observation, the current value of TRX is similar to that of XRP back in mid last year. We are soon to reach the Holiday season in less than 5 months as Thanksgiving is in November. This means once again, the talk about cryptocurrency will most likely be rife around this time as was the case last year. This will also be because the crypto-markets have also predicted to bounce back anytime from now with Tron expected to lead the pack with the recent announcement by Pornhub to start accepting TRX.
Thirdly, there has been talk of institutional investors buying into cryptocurrency once Bitcoin bottoms out at around $5,800. In the last two weeks, Bitcoin has touched these levels twice. This means that it is highly possible that BTC has bottomed out completely and it is time for another price rally.
That said, it is hard to forget the Tron community of over 1.2 Million HODLers who love the project dearly. This means that whenever a new DApp is launched on the MainNet, they will surely go ahead and try it out. Currently, there are 100 Million users being migrated from the DApps in the old Ethereum platform to the new Tron Mainnet. There are a large number of users who will utilize TRX for their daily activities.
In conclusion, the future looks bright for TRX. The uncanny similarity of its price chart to that of XRP makes it probable for there to be a price rally as we head into the third quarter of 2018. What then might happen, is that TRX will claim a spot in the top 5 coins.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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