XRP at a Crossroads as PlutoChain ($PLUTO) Aims to Unlock Bitcoin’s Potential with Layer-2 Innovation

Similar patterns were observed with Bitcoin and Ethereum as well. This level of activity usually signals a major price shift

Bitcoin and Ethereum also displayed similar trends.

Traders are keeping a close eye on key levels to see if XRP can break through resistance and continue rising, as this activity typically heralds a significant price shift.

In other news, a new project called PlutoChain ($PLUTO) aims to enhance Bitcoin's scalability and functionality through a hybrid Layer-2 network.

Let's take a closer look at XRP's current position.

Can Whale Accumulation Help XRP Soar?

According to technical indicators, XRP is at a crossroads. Its RSI is hovering around 55, indicating that it is neither overbought nor oversold and can move in either direction.

Resistance is strong at $2.40, as sellers have repeatedly blocked attempts to cross this threshold. If XRP can clear this zone with high volume, the next significant resistance lies around $2.75.

On the downside, $2.10 remains a critical support level. A break below this level could trigger a sharp drop to $1.9, a zone where buyers have previously stepped in to halt the decline.

As of December 23, 2024, XRP is trading at approximately $2.18, showing a 2.9% decline over the past 24 hours.

EGRAG Crypto, a technical analyst, suggests that XRP could reach levels between $7 and $8. However, this is also contingent on Bitcoin's performance, which might need to climb to $120,000 or higher to facilitate XRP's rise to those levels.

Meanwhile, some experts, such as Alex Kuptsikevich from FxPro, have a differing outlook. He anticipates that XRP might lose its appeal by 2025 as newer cryptocurrencies capture attention.

Ripple's latest developments, including the launch of a stablecoin called RLUSD, continue to make headlines and may influence XRP's value. Backed by real assets like cash and government bonds, RLUSD is designed to be stable and reliable.

Moreover, Ripple has brought on board Kenneth Montgomery, a former Federal Reserve executive, to guide the project.

PlutoChain ($PLUTO) Aims to Unlock Bitcoin's Potential with Layer-2 Innovation

Bitcoin users often encounter challenges such as slow transactions, high fees, and network congestion. PlutoChain ($PLUTO) presents a novel solution to these problems with its unique Layer-2 approach.

The plan is to create a separate network that runs alongside Bitcoin's main blockchain. This design aims to alleviate pressure on the main network, enabling cheaper and faster transactions.

Bitcoin's 10-minute block time has been a limitation for years, especially when compared to faster blockchains like Ethereum, Solana, and Cardano, which also provide more flexibility for developers.

With its own 2-second block processing, PlutoChain could significantly improve upon what Bitcoin can currently handle. This also paves the way for smart contracts to operate smoothly while maintaining Bitcoin's trusted security.

This upgrade has the potential to expand Bitcoin's use case beyond being just a store of value. EVM compatibility allows developers to easily port their projects over from Ethereum.

This could enable more applications, ranging from DeFi projects and NFTs to even AI-based tools.

PlutoChain Testnet Handled 43,200 Transactions Daily - Key Features Highlighted

PlutoChain's testnet has already processed an impressive 43,200 transactions in a single day. This demonstrates its capability to scale and handle real-world use cases without slowing down or becoming overloaded.

Security is paramount for PlutoChain, which is why it has undergone audits from renowned entities like SolidProof, QuillAudits, and Assure DeFi. These audits thoroughly examine its smart contracts and network for any vulnerabilities.

Furthermore, PlutoChain conducts regular code reviews and stress tests to maintain a high level of security. It also adheres to international regulations to provide users with greater peace of mind.

From the beginning, PlutoChain has prioritized giving its community a voice. A simple voting system allows users to influence decisions regarding upgrades, partnerships, and new features.

This process is open to every PlutoChain user, and proposals are shared within the project's Discord group, where they are discussed openly.

What's Next for XRP and the Crypto Market?

Whether XRP breaks out or retraces will depend on how the market reacts to these large movements and Ripple's ongoing developments, such as the launch of RLUSD.

PlutoChain could make Bitcoin faster, cheaper, and more versatile. It's not just an upgrade—it's a potential step toward a more dynamic future for the entire blockchain space.

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Please note that this article is for informational purposes only and does not constitute financial advice. Any cryptocurrency is highly volatile, and prices can change rapidly. Always conduct your own research and consult a professional before joining any crypto venture. We are not liable for any outcomes based