Ripple’s rough patch appears to have ended after its legal victory over the SEC, which directly impacted XRP’s price. Now trading at $1.51, XRP saw a 193% monthly increase and is testing the $1.64 resistance level.
Most of XRP’s technical indicators show a strong uptrend that is likely to continue if the project keeps on with valuable ecosystem updates and partnerships. In the most optimistic outcome, XRP could potentially hit $150 by 2030 – but only if the broader market sentiment is favorable.
Meanwhile, a new Layer-2 solution for Bitcoin, PlutoChain (PLUTO), addresses the network's scalability limitations and could expand its applications. This may help PLUTO capture a developer interest similar to XRP.
Technical Analysis: Can XRP Reach $150?
The Ripple v SEC case had been grabbing headlines for the last four years, but the company had much more going on than the legal battle.
Recently, Ripple introduced native smart contracts on XRP Ledger, which allows developers to build custom applications. Ripple also developed the XRPL EVM sidechain compatible with Ethereum, so developers can use familiar tools and port existing projects to the XRP network.
These updates make the XRP Ledger more attractive to creators and drive its adoption. As a result, XRP’s price had been growing steadily throughout November.
Exponential moving averages suggest XRP could continue its bullish trajectory in the long run. However, the RSI is in the overbought zone, so XRP may see a slight correction in the short term. If XRP maintains its momentum, it could see further price appreciation in the upcoming five years.
Another factor that may contribute to XRP’s rise is this week’s approval of XRP ETF by a global fund manager WisdomTree. Crypto ETFs tend to accelerate institutional adoption of the underlying token and bring in substantial capital.
PlutoChain Streamlines Development on Bitcoin
XRP’s value proposition lies in its utility, and so does PlutoChain’s. It’s a hybrid Layer-2 solution for Bitcoin with smart contract capabilities and EVM (Ethereum Virtual Machine) compatibility.
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
Slow transaction speeds and the lack of native dApps are the two main downsides of the Bitcoin network that hinder its real-world applications. Unlike Ethereum or Solana, Bitcoin is primarily used for value transfer.
Bitcoin's immense market cap and strong security offer a great opportunity for DeFi and dApp development, yet this potential remains largely untapped.
PlutoChain could offload Bitcoin transactions to a Layer-2 chain to make them faster and cheaper. It also allows developers to migrate existing Ethereum apps to Bitcoin, execute decentralized finance (DeFi) protocols that use BTC as collateral, and launch Bitcoin NFTs.
Currently, the BTCFi sector has a TVL (Total Value Locked) of roughly 0.13% of BTC’s $1.95 trillion market cap. With its EVM compatibility, PlutoChain could attract Ethereum developers to build dApps on Bitcoin, expanding the ecosystem and increasing TVL.
Community Governance Model
PlutoChain is a community-driven project. Its holders have a say in key project decisions, such as protocol upgrades and security measures.
A transparent governance structure means the project’s direction aligns with the community’s vision. Besides, this way, PlutoChain taps into a wider pool of knowledge and expertise.
As a utility-focused project, PlutoChain passed a security audit by SolidProof, which identified no significant vulnerabilities, bugs, and security risks within its codebase.
Final Words
Ripple’s latest product updates benefited XRP – as the adoption of XRP Ledger grows, so does the demand for its native token. Native smart contract capabilities and EVM compatibility open a world of possibilities for developers.
PlutoChain uses a similar approach to potentially broaden Bitcoin applications. By offering a familiar development environment, PlutoChain could attract experts from the Ethereum ecosystem to build on Bitcoin and unlock its full potential. This could make it one of the most interesting early-stage projects to watch.
Visit the links below to learn more about PlutoChain and its unique features:
Official Website: https://plutochain.io
X/Twitter Page: https://x.com/plutochain/
Telegram Channel: https://t.me/PlutoChainAnnouncements/
This article is not financial advice. Past results are not indicative of future returns, and the crypto market is inherently unpredictable. Readers must conduct their own thorough research before purchasing any crypto coin or token. These forward-looking statements are subject to risks and may remain unchanged.
