TRON price (TRX/USD) edges lower in Thursday afternoon trading

The TRON price (TRX/USD) has edged lower on Thursday, unable to fully-recover from yesterday’s poor afternoon session.

The ninth-largest digital currency on the market had to endure some challenging trading on Wednesday afternoon, when its price dropped below the $0.024 level. After falling to a three-day low in late Wednesday trading, the digital coin experienced a rebound, but it wasn’t able to recover all of its earlier losses. The coin finished the day at $0.0241, down from its opening level of $0.0243.

While TRON has seen some positive price action since the start of today’s trading, the coin has not been able to amass meaningful gains. At the time of writing, the TRON price was hovering slightly below the level of its Wednesday close, according to data from digital currency tracker Coinmarketcap.

In other TRX-related news, the token has been ranked second in the latest crypto rankings report from China’s Center for Information and Industry Development (CCID). Notably, this is the first time the coin has been featured in the report.

The newcomer has been able to surpass established members of the ranking, such as Ethereum (third place), Bitcoin (13th), Ripple (20th) and Bitcoin Cash (27th), while EOS has retained its No. 1 place.

As noted by industry website Bitcoin.com, CCID describes TRON as a “low-level public chain with high throughput, high expansion and high reliability” and compatibility with Ethereum smart contracts. The report also noted that more than 200 dApps (decentralised apps) were already running on the TRON blockchain.

The TRON protocol is expected to undergo a hard fork today. Announced by the founder of the Tron Foundation Justin Sun last week, the system update is designed to make the platform more attractive to institutional investors. The planned changes include the addition of new features such as multi-signature and account management.

In today’s trading, the TRON price stood at $0.0239, as of 15:31 GMT. The digital coin has lost 1.5% of its value in the past 24 hours.