In the past week, whales moved hundreds of millions of dollars worth of XRP, including a single transaction valued at $222 million.Â
Similar patterns were observed with Bitcoin and Ethereum as well.
This level of activity usually signals a major price shift, and traders are closely watching key levels to see if XRP can break through its resistance and push forward.
Meanwhile, a new project, PlutoChain ($PLUTO) could make serious progress on addressing Bitcoin’s scalability and functionality through its hybrid Layer-2 network.
Here’s a closer look at where XRP is right now.
Could Whale Accumulation Cause XRP to Skyrocket?
Technical indicators say XRP is at a crossroads. RSI is hovering around 55. It’s not overbought or oversold, so it can go in either direction depending on market sentiment.
Resistance is firm at $2.40, with sellers repeatedly rejecting attempts to break through this level. If XRP can clear this zone with strong volume, the next significant resistance sits around $2.75.
On the downside, $2.10 remains a critical support level. A break below this could trigger a sharp drop to $1.9, a level where buyers have previously stepped in.
As of December 23, 2024, XRP is trading at approximately $2.18, a 2.9% decline over the past 24 hours.
EGRAG Crypto, a technical analyst, says XRP could hit between $7 and $8. But this depends on Bitcoin, too. Bitcoin might need to climb to $120,000 or more for XRP to reach those levels.
Some experts, like Alex Kuptsikevich from FxPro, have a different outlook. He thinks XRP could lose its appeal by 2025, as newer cryptocurrencies gain attention.
Ripple has also made news with new developments that could affect XRP’s value. The company launched a stablecoin called RLUSD, backed by real assets like cash and government bonds, which makes it stable and reliable.
Ripple also brought in Kenneth Montgomery, a former Federal Reserve executive, to help guide the project.
PlutoChain ($PLUTO) Could Unlock Bitcoin’s Potential with Layer-2 Innovation
Bitcoin users often run into big challenges like slow transactions, high fees, and a congested network. PlutoChain ($PLUTO) could offer a fresh 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 could ease the pressure on the main network and make transactions cheaper and faster.
Bitcoin’s 10-minute block time has been a big drawback for years. It struggles to keep up with blockchains like Ethereum, Solana, and Cardano, which are faster and offer more flexibility for developers.
PlutoChain with its own 2-second block processing could be a major improvement compared to what Bitcoin can do now. It could also make room for smart contracts to operate smoothly while keeping Bitcoin’s trusted security.
This upgrade could push Bitcoin beyond just being a store of value. With EVM compatibility, developers could bring over their projects from Ethereum without much hassle.
This would enable more applications, like DeFi projects, NFTs, and even AI-based tools.
What Does PlutoChain Bring to the Table – Key Features Explained
PlutoChain’s testnet has already handled 43,200 transactions a day. This shows it’s capable of scaling and managing real-world use cases without slowing down or overloading.
PlutoChain takes security seriously. It has passed audits from respected groups like SolidProof, QuillAudits, and Assure DeFi. These tests look at its smart contracts and network for weaknesses.
PlutoChain also runs regular code reviews and stress tests to keep things secure. It follows international regulations to give users more peace of mind.
From the start, PlutoChain has focused on giving its community a voice. Through a simple voting system, users could make decisions about upgrades, partnerships, and new features.
The process is open to every PlutoChain user. Proposals are shared in 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 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.
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