Ripple’s recent legal wins are boosting confidence in the market, which leaves many to wonder – could XRP achieve 3x this cycle?

We’ve dug into the data and trends to get a better idea of what might be ahead.

At the same time, PlutoChain ($PLUTO) , a new Layer-2 solution, could be interesting to watch in the coming weeks because it might bring smart contracts to the Bitcoin network.

This upgrade could unlock new possibilities for Bitcoin in decentralized finance (DeFi) and possibly make it more dynamic and functional.

Let’s break it down and see what’s next!

XRP Price Prediction — Do Technical Indicators Point to a 3x Increase This Cycle?

Ripple is back in the spotlight, thanks to growing institutional support and a big legal win against the SEC that has helped boost confidence in XRP.

In Q3 2024, big players such as Bitwise, Canary, and Grayscale showed increased interest in XRP-based financial products, which is a clear sign of XRP’s growing legitimacy in the financial world.

Ripple’s expanding partnerships and the launch of new products like XRP ETFs and trusts are making the way for long-term growth. Despite facing regulatory troubles, it keeps picking up the momentum in the current market conditions.

As of December 15, 2024, XRP is trading at $2.41, up more than 280% for the year – a clear sign of its rising momentum and market potential.

On the other hand, the current technical analysis for the asset shows a predominantly bearish outlook, with a summary of Strong Sell. Most of the technical indicators signal a Sell, few signal Buy or Neutral.

The RSI (Relative Strength Index) and Stochastic RSI both indicate neutral conditions, which means that the asset is neither overbought or oversold.

However, indicators like the MACD and ADX suggest a downward trend which signal that the price could continue to decline. Additionally, the Williams %R, CCI, and Ultimate Oscillator all point to weakening momentum.

Despite some positive signals, like the ROC (Rate of Change), the general sentiment remains negative.

When looking at Moving Averages, the majority of both Simple and Exponential moving averages suggest a Sell position. The MA5, MA10, and other shorter-term moving averages are all in a bearish stance.

However, the MA100 and MA200 offer some support, showing Buy signals, which may indicate that the price could stabilize or recover in the long-term.

The Pivot Points analysis reveals key price levels, with resistance and support zones outlined in different strategies. The most recent price is near the pivot points which suggest the market could break either way depending on future momentum.

Technical indicators for XRP show a mixed outlook. Many point to a bearish trend in the short term, but with some long-term support from moving averages for potential for future growth.

While a 3x increase this cycle is not currently supported by most indicators, positive developments such as institutional interest and Ripple’s legal victories could push the price higher in the next market cycle.

While we wait for Ripple’s next move, let’s take a closer look at PlutoChain and its potential impact.

PlutoChain and Bitcoin: The Future of Decentralized Finance?

PlutoChain ($PLUTO) might bring a fresh approach to Bitcoin by offering a Layer-2 solution that could enable smart contracts and decentralized applications (dApps) on its network.

While Bitcoin’s 10-minute block time has made it less ideal for running complex applications, platforms such as Ethereum, Solana, and Cardano have stepped in and offer faster speeds and much bigger flexibility.

PlutoChain could address this problem with an extremely fast block time of just 2 seconds through its L2 chain, which may give developers the ability to build powerful dApps while still using Bitcoin’s safest and most trusted foundation.

PlutoChain Top Features and Innovative Highlights

PlutoChain could enhance Bitcoin’s overall utility by potentially introducing innovative features that may completely change its current role.

To start out, one huge achievement is its testnet, which has already processed over 43,000 transactions daily. This impressive number showcases its scalability and potential for real-world use cases, which could signal its readiness for wider adoption.

PlutoChain supports community governance and lets developers help decide updates and changes to the network. This confirms the platform grows based on what the community wants and makes it more inclusive and decentralized.

To keep the trust and reliability, it has successfully passed independent audits by SolidProof,  QuillAudits, and Assure DeFi. This adds an extra layer of confidence for users.

Another important thing to mention is its Ethereum Virtual Machine (EVM) compatibility. By combining Ethereum’s flexibility with Bitcoin’s security, it should be way easier to move Ethereum-based applications onto Bitcoin’s network.

This could unlock new possibilities for DeFi, NFTs, and AI-powered projects.

Final Thoughts

Bitcoin is often seen as a store of value rather than a platform for building applications—but PlutoChain might change that.

By potentially adding smart contract functionality to Bitcoin’s network, it may open the door for developers to create DeFi protocols, NFT platforms, and other decentralized apps while trying to keep up with Bitcoin’s security.

These innovations could change Bitcoin’s role in the industry and possibly push it beyond its use as “digital gold.”

PlutoChain could be the project to watch in the following weeks.

Get the details on PlutoChain’s innovative features and what makes it special – visit the links below:

Official Website: https://plutochain.io X/Twitter Page: https://x.com/plutochain/ Telegram Channel: https://t.me/PlutoChainAnnouncements/

This content is for informational purposes only and does not constitute financial advice. Cryptocurrencies, including meme coins, are highly volatile and involve significant risk. Always conduct thorough research and consult with a financial advisor before making any investment decisions, as forward-looking statements carry inherent uncertainties.

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