Tron Shows Might With 4.8-M Daily Transactions – Will This Boost TRX Price?

Tron (TRX), the blockchain platform founded by Justin Sun, has been showing a good performance for the most part of 2023. The project, which was launched just six years ago, recently registered an impressive surge in transaction activity, underscoring the increasing organic demand for the TRX cryptocurrency. 

Recent data from a Nansen report reveals that Tron has been processing a remarkable average of over 4.8 million daily transactions, a testament to its rapid expansion within a relatively short period.

Driving Forces Behind Tron’s Surge 

Tron’s growth can be attributed primarily to its steadfast pursuit of utility and, notably, the burgeoning demand for cost-effective and reliable stablecoin transactions. The stablecoin marketcap has exhibited aggressive growth in 2023, reaching a pinnacle of over $45 billion between May and June, with daily transactions peaking at an impressive 13 million transactions around the same period. 

What’s particularly noteworthy is that these daily transaction volumes have been achieved during a relatively subdued phase in the cryptocurrency market, suggesting the potential for even higher transaction counts during bullish market conditions. This robust adoption underscores Tron’s resilience and appeal within the blockchain ecosystem.

The cryptocurrency market has reacted positively to Tron’s outstanding performance. At the time of writing, TRX is priced at $0.081092, according to CoinGecko, showing a modest 0.8% gain over the past 24 hours and a 2.6% increase in the seven-day period. 

FTX Liquidations Pose Potential Risks 

However, it’s essential to exercise caution as Tron continues its upward trajectory. According to cryptocurrency data provider Messari, TRX is one of the digital assets that could face price fluctuations due to impending FTX liquidations.

FTX and Alameda Research hold significant amounts of TRX, totaling $33 million, along with $37 million worth of Dogecoin (DOGE) and $22 million worth of Polygon (MATIC). These holdings raise concerns about potential market volatility, as large liquidations can impact the price of these assets.

Implications For The Future 

As the cryptocurrency market continues to evolve, Tron’s pursuit of utility and its growing adoption rates indicate a promising future. 

However, investors should remain vigilant amid potential price fluctuations linked to FTX liquidations, underscoring the need for careful risk management in the cryptocurrency space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Goodreturns

XRP Price Set Theory Debunked By Community, Here’s What It’s About

In a recent series of exchanges on X, prominent XRP community influencer, Crypto Eri, addressed the controversial theory that the XRP price can be artificially set by a central authority. The debate has ignited discussions among enthusiasts, experts, and Ripple insiders.

Eri’s initial tweet emphasized the decentralized nature of cryptocurrencies, stating, “Decentralized crypto-assets like XRP, cannot be ‘price set’. Price is determined by supply & demand dynamics in the global open market, sometimes with Influence factors like trading, sentiment, adoption, news & liquidity.” She further warned against the “deceptive false price hype” that has been circulating within the community.

Can XRP Price Be Set?

In a hypothetical scenario presented by a user, the idea of “setting the price” was explored, suggesting that if a powerful entity like OPEC decided to trade a barrel of oil for 1 XRP, it would effectively set the price. Eri responded, “Granted, artificial price setting has been tried, but If the price is above the equilibrium level, then the quantity supplied has always exceeded the quantity demanded… In the Crypto Market, you can’t ignore arbitrage.”

Khaled Elawadi.XRP, another community member, argued that the tokens price could be set in different ways, either directly by Ripple or by determining a face value through various parties. Eri swiftly countered, clarifying the distinction between XRP, the XRP Ledger, and RippleNet, a software solution created by Ripple.

She emphasized, “Fact 1: The digital asset XRP is not a unique software product… Fact 2: Ripple does not control XRP or the Ledger… Fact 3: Ripplenet is the name of a software created by the Company Ripple, that can use XRP (or any asset) in a solution.”

Jesse Hynes, a renowned community lawyer, humorously questioned the persistence of the price set theory, “Are people still saying that there’s going to be a price set?”, to which Eri simply replied, “Yes.”

Neil Hartner, a Senior staff software engineer at Ripple for On-Demand Liquidity (ODL), weighed in on the debate as well, questioning the logic behind two parties artificially setting a price, stating, “Why would 2 parties do that unless they want to lose a lot of money? Unless those 2 parties are willing to defend the price and not run out of money, it won’t last.”

The debate took another turn when Vandell Aljarrah, founder of Black Swan Capitalist, drew parallels between XRP and gold, suggesting that the token could achieve a stable value similar to gold in the future. He cited the capped supply of 100 billion tokens as a potential factor for increased demand as the market matures.

Another perspective emerged from a community member who believed that a decentralized asset’s price could be pegged or fixed, drawing comparisons to the former “gold window” of the Federal Reserve. They posited that entities like the IMF or Ripple could act as central authorities in such a scenario.

As the debate continues, it’s clear that the community remains divided on the issue. While some believe in the potential for a centralized price setting, others, like Eri, firmly stand by the principles of supply, demand, and market dynamics.

At press time, XRP traded at $0.4806.

XRP price

SOL Price Prediction: Solana At Make-Or-Break Moment, Key Levels To Watch

Solana is eyeing a fresh increase above the $19.00 resistance against the US Dollar. SOL price must settle above $19 and $20 to start a fresh increase.

  • SOL price is attempting a bullish breakout above the $19 resistance against the US Dollar.
  • The price is now trading below $20 and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $18.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it settles above the trend line and $20.

Solana Price Eyes Bullish Breakout

In the past few days, Solana’s price extended its decline below the $22 support. SOL even traded below the $20 level to move further into a bearish zone.

Finally, it tested the $17.40 zone. A low was formed near $17.37 and the price is now attempting a fresh increase, like Bitcoin and Ethereum. There was a move above the $18.50 resistance zone. The price even spiked above the 50% Fib retracement level of the downward move from the $20.60 swing high to the $17.37 low.

However, the bears are protecting a close above the $19 resistance. There is also a major bearish trend line forming with resistance near $18.80 on the 4-hour chart of the SOL/USD pair.

Solana is now trading below $20 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $19.00 level. The first major resistance is near the $19.40 level or the 100 simple moving average (4 hours). It is close to the 61.8% Fib retracement level of the downward move from the $20.60 swing high to the $17.37 low.

SOL Price Prediction

Source: SOLUSD on TradingView.com

The next key resistance is near $20. A clear move above the $20 resistance might send the price toward the $21.20 resistance. Any more gains might send the price toward the $22 level.

Another Decline in SOL?

If SOL fails to settle above $19.00 and $19.40, it could start another decline. Initial support on the downside is near the $18.10 level.

The first major support is near the $17.40 level. If there is a close below the $17.40 support, the price could decline toward the $16.50 support. In the stated case, there is a risk of more downsides toward the $15.00 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $18.10, and $17.40.

Major Resistance Levels – $19.00, $19.40, and $20.00.

Ethereum Price Looks Primed For Gains Until This Changes

Ethereum price is slowly moving higher above $1,600 against the US Dollar. ETH could gain bullish momentum unless there is a nasty drop below $1,550.

  • Ethereum is showing a few positive signs for a move above the $1,650 resistance.
  • The price is trading above $1,600 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if there is a close above $1,650 and $1,670.

Ethereum Price Shows Bullish Signs

Ethereum’s price remained well-supported above the $1,550 level. ETH climbed higher slowly above the $1,580 and $1,600 resistance levels, like Bitcoin.

There was a break above a key bearish trend line with resistance near $1,610 on the hourly chart of ETH/USD. The pair even broke the $1,620 resistance. However, the bears are still active below the $1,650 level. A high is formed near $1,638 and the price is now consolidating gains.

Ether is now trading above $1,600 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,530 swing low to the $1,638 high.

On the upside, the price might face resistance near the $1,635 level. The next resistance is near the $1,650 level. A close above the $1,650 resistance might send the price toward the $1,670 resistance. If the price reclaims the $1,670 resistance, there could be a steady increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880.

Another Drop in ETH?

If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the 100-hourly Simple Moving Average.

The first key support is close to $1,585 and the 50% Fib retracement level of the recent increase from the $1,530 swing low to the $1,638 high. The next key support is $1,550. A downside break below $1,550 might spark a fresh round of selling. In the stated case, the price could even decline toward the $1,500 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,650