The crypto market is witnessing some big developments as 2024 closes, with XRP getting attention following Ripple’s strategic moves and bold price predictions.
Ripple’s launch of RLUSD, a fully backed stablecoin that bridges XRP Ledger and Ethereum networks, coupled with its historic SEC victory, has strengthened market confidence.
As XRP trades above $2, analysts project values reaching $15 by early 2025.
There’s another project called PlutoChain ($PLUTO) that could be worth watching. This Layer-2 solution is getting traction for its potential to revolutionize Bitcoin’s transaction speed.
Here’s a closer look at both of these projects.
Ripple has recently achieved some big milestones that have strengthened its position in the crypto market.
On December 17, 2024, the company launched its U.S. dollar-backed stablecoin, Ripple USD (RLUSD), fully backed by U.S. dollar deposits, government bonds, and cash equivalents.
RLUSD is available on both the XRP Ledger and Ethereum blockchains, which ensures its accessibility and utility across different platforms.
Initially, RLUSD is listed on exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA, with plans for further expansion to other platforms in the near future.
In addition to the RLUSD launch, Ripple secured a favorable outcome in its legal battle with the U.S. Securities and Exchange Commission (SEC).
The lawsuit, which began in December 2020, accused Ripple of conducting an unregistered securities offering through the sale of XRP.
On July 13, 2023, the court ruled that XRP is not a security, which marked a significant victory for Ripple and the broader cryptocurrency industry.
This decision has provided greater regulatory clarity and has been seen as a precedent-setting moment for digital assets in the United States.
Following the announcement of RLUSD, XRP’s value experienced an uptick. The legal victory against the SEC has bolstered market sentiment even more, as it alleviated concerns over regulatory uncertainties surrounding XRP.
Key resistance levels are identified at $2.25 and $2.30, with a significant hurdle near $2.40. Support levels are observed at $2.12 and $2.05, with a critical support zone around $2.00.
Crypto analyst Javon Marks predicts XRP could hit $16.50 in its next growth phase, with the potential for a massive 7,200% surge to $111–$168 in a full market cycle.
He notes that current trends suggest XRP is already on track to achieve this bullish outlook.
PlutoChain ($PLUTO) could offer a new approach to improving Bitcoin by introducing a Layer-2 solution that may enhance its capabilities.
Bitcoin has long faced hurdles like sluggish transaction times, network congestion, and hefty fees, particularly during high-traffic periods.
PlutoChain could address these pain points with an additional layer designed to process transactions faster and at a lower cost.
With Bitcoin’s average transaction time of 10 minutes, it often lags behind quicker networks such as Ethereum, Solana, and Cardano.
PlutoChain offers a block time of 2 seconds on its Layer-2 infrastructure, all while potentially preserving Bitcoin’s renowned security by linking back to its core blockchain.
It also integrates with the Ethereum Virtual Machine (EVM) seamlessly, which could make it easier for Ethereum developers to build within Bitcoin’s ecosystem.
This could create new possibilities for decentralized finance (DeFi) applications, NFTs, and AI-powered projects to potentially leverage Bitcoin without complications.
The PlutoChain testnet has already proven its ability to meet real-world demands by handling 43,000 transactions daily without experiencing delays. This shows it’s ready to scale for larger operations.
The project has also passed rigorous audits from trusted names like SolidProof, QuillAudits, and Assure DeFi.
Its governance system allows users to shape the platform’s future by voting on crucial updates, partnerships, and new features.
With these advancements, PlutoChain might position itself as a game-changing solution that could address Bitcoin’s longstanding challenges and release its full potential.
XRP has had quite a run lately – the RLUSD launch and the big SEC win have given it momentum beyond $2.
Another exciting development could be PlutoChain’s appearance as a potentially promising innovation that may solve Bitcoin’s scalability issues with its Layer-2 solution and EVM compatibility.
———————–
This article is purely informational and should not be interpreted as financial advice. Readers are encouraged to carry out their own due diligence. Predictions involve risk and may not undergo updates.
Examining App Store activity is one of the easiest ways to gauge crypto use. Over…
President Trump has turned up the heat on NATO allies, saying he is ready to…
The AVAX price has surged to $31 as Avalanche accelerates its DeFi ecosystem with major…
You walk into the local pizza place with Bitcoin on your phone, ready to finally…
XRP remains one of the most actively traded tokens, recording volumes above $6.44 billion. Recently,…
XRP has been one of the most established assets in crypto for over a decade.…
