XRP surged by 260% over the past month and now trades at $1.87. The token’s strong technical indicators suggest the bull run isn’t over, and $3 could be an important milestone that might drive XRP to a new ATH.
A big factor in XRP’s growth is the adoption of XRP Ledger, which appeals to users with its fast, low-cost international payments. Meanwhile, Bitcoin still struggles with congestion and high fees.
New Layer-2 network PlutoChain (PLUTO) emerges as a potential solution that could address these problems and potentially ensure the long-term viability of the Bitcoin ecosystem.
Technical Analysis: Can XRP Reach $3 Soon?
Last month, a $1 XRP price was a bold prediction. But the recent post-election rally has catapulted XRP’s 24-hour trading volume from $1 billion to a staggering $18 billion.
After stabilizing in the $1.08 to $1.18 range in mid-November, XRP continued to rise. It’s currently trading near $1.9, a key support and resistance level that will determine its next significant move.
If XRP breaks through the $2, it could increase buying pressure, which could push it towards a new high. In an optimistic scenario, XRP might even break the $2 price mark next week, for the first time since January 2018.
Despite the bullish sentiment, high RSI and Stochastic readings suggest that XRP is overbought and may see a moderate pullback. However, the ADX of 65.9 still indicates strong upward momentum.Â
The news of SEC Chair Gary Gensler’s resignation on January 20 adds to the positive outlook. Considering the long-standing animosity between Gensler and Ripple, Garlinghouse hopes that the new leadership will adopt a more accommodating and forward-thinking stance towards cryptocurrencies like XRP.
Clearer regulations may strengthen XRP’s price action and drive it to $3 by mid-2025.Â
PlutoChain Bridges Ethereum and BitcoinÂ
PlutoChain stands out as the first hybrid Layer-2 solution for Bitcoin. Its smart contract functionality could allow for the development of countless applications on the network.
Additionally, thanks to PlutoChain’s compatibility with the Ethereum Virtual Machine (EVM), developers could migrate existing Ethereum-based dApps to Bitcoin.
PlutoChain’s community-centric model allows its holders to shape the project’s future by voting on important decisions, so the project’s development aligns with the vision of its users.
Can Bitcoin Become More Than a Store of Value?Â
The Bitcoin dApp sector is still in its infancy, which restricts BTC’s functionality to merely a store of value. Namely, the BTCFi ecosystem has a total value locked of less than 1% of BTC’s multi-trillion-dollar economy.
To illustrate, Ethereum DeFi apps account for 10% of ETH’s TVL. This shows the immense possibilities for new BTCFi projects to grow and capture a substantial market share.
PlutoChain’s cross-platform interoperability could transform how we interact with Bitcoin and accelerate the adoption of blockchain technology.
PlutoChain passed an audit by SolidProof that found no serious vulnerabilities or bugs in its code.Â
Final Words
As XRP seeks to reach new heights, PlutoChain’s first-ever hybrid Layer-2 solution could reshape Bitcoin’s network.
In the foreseeable future, it could make Bitcoin more versatile and attractive to a wider range of users, which might stimulate the ecosystem’s growth.Â
Visit the links below to learn more about PlutoChain and its unique features:
Official Website | X/Twitter Page | Telegram Channel
Please remember that this article is purely informational and not financial advice. Any and all cryptocurrencies are volatile, with prices prone to rapid changes. Always do your own research and consult an expert before joining any crypto venture. We are not liable for any outcomes based on the information in this article. Statements about the future entail risks and may not reflect updates.
