Daily Crypto Signals: Bitcoin Nears $100K, XRP Maintains $2 Support Amid Ethereum’s Pectra Upgrade

Bitcoin continues its upward trajectory toward the psychological $100,000 mark while XRP holds critical $2 support level

Bitcoin price is approaching the psychological $100,000 mark as it continues its upward trajectory.

Bitcoin (BTC) continues to display strength with institutional inflows and whale activity heating up. As the cryptocurrency edges closer to the crucial $100,000 threshold, analysts are highlighting key support zones to watch for.

On the other hand, XRP price remains above critical support as macroeconomic conditions improve and a major whale continues accumulating.

As macroeconomic conditions gradually improve and a significant whale persists in accumulating, XRP (XRP) is showing resilience above a key support level.

However, at press time, XRP is trading at $1.99 and appears to be holding above the Fib level of $1.80, which is essential for continuing the recent uptrend from the March lows.

An uptrend that saw the token reach seven-year highs above $3.40 and eventually hit $4 will depend on the cryptocurrency remaining above the support zone of $1.60.

Technical analysis by crypto traders has shown that XRP price action is approaching a crucial stage where the market dynamics might shift in favor of the bulls.

If BTC fails to break the resistance zone of $97,000 to $99,000, then the market dynamics may change to favor the bears, leading to a build-up of bearish liquidity and a stress on long positions.

If the price of BTC manages to break through this resistance zone, it could put more pressure on short positions and generate bullish liquidity, potentially leading to a move toward $110,000 by the end of Q2.

The Pectra upgrade on May 7 saw no major price action in response despite the significant network improvement.

The Pectra upgrade brought three main enhancements via EIPs 7702, 7251, and 7691. EIP-7702 enables externally owned accounts to function as smart contracts, covering gas costs and accepting payments in tokens other than Ether.

Furthermore, EIP-7251 simplifies procedures for large stakers by increasing the validator staking cap from 32 ETH to 2,048 ETH. Finally, EIP-7691 increases data blobs per block, leading to better layer-2 scalability and potentially massive reductions in transaction costs.

Despite these gains, Ethereum still lags behind its competitors in terms of activity. With 10.3 million monthly active users—considerably lower than Solana's 82.2 million or Binance Chain's 25.9 million—Base, the dominant layer-2 solution for Ethereum, is now integrating with either Arbitrum or Solana Foundation to provide tokenized US equities trading in Europe.

The initiative to integrate tokenized US equities into European markets is a continuation of Base's efforts to expand its reach beyond the United States.

Earlier this year, Coinbase (NASDAQ:) announced its intention to apply for an exchange-traded fund with the U.S. Securities and Exchange Commission, aiming to provide institutional investors with access to tokenized versions of U.S. stocks.

As for what this means for the price of ETH, investors should be aware that the network improvements will likely result in real benefits, such as better staking returns or greater incentives to push more general DApp usage. This could enable ETH to rise by 22% from its current level of $1,810.

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