Ripple’s native coin, XRP, turned out to be the biggest winner today as the cryptocurrency hit red territory. XRP surged more than 6% on Sunday morning, pulling off a decoupling of emerging selling pressure.
Bitcoin (BTC) and Ethereum (ETH) have seen a slight decline over the past 24 hours, as the Fear and Greed Index has fueled greed among investors. The global cryptocurrency market cap fell 0.77% to $2.29 trillion. The cumulative 24-hour trading volume fell 33% to around $48.4 billion.
XRP Gains Outpace Bitcoin
XRP price traded around $0.598, gaining over 6% to reclaim the $0.6 mark. The cryptocurrency continued to touch the $0.63 resistance zone before retreating to the $0.62 zone. XRP is trading at an average price of $0.625, at the time of writing. Its 24-hour trading volume is up 70% to $2.24 billion.
According to data shared by Coinglass, over $1.56 million in long and short bets placed on XRP price action have been liquidated in the last 24 hours. Of the liquidated bets, $1.24 million (79%) were long positions.
The XRP price surge comes as Bitcoin is hovering around the $66,000 area. However, XRP has managed to outperform BTC in the longer term as Ripple’s native cryptocurrency has surged 30% in the last 90 days, mainly due to the positive outcome of the SEC lawsuit. On the other hand, BTC has only gained 4% over the same period.
The SEC is reportedly planning to appeal Judge Torres’ July ruling that secondary sales of XRP are not securities. John Deaton, a pro-crypto attorney and Massachusetts Republican primary winner, believes the SEC has no valid grounds for appeal and calls it a stalling tactic. Deaton also claims that Judge Torres did not fully apply the Howey test, a legal standard for determining whether an asset is a security.
Ripple CTO Criticizes Complex Gas Token Proposal
Ripple CTO David Schwartz has weighed in on a proposal to bring programmability to the XRP (XRPL) ledger. Evernode co-founder Scott Chamberlain suggests allowing EvernodeXRPL to exist on the mainnet.
Chamberlain proposed using Hooks to program the currency and Codii as a new gas token minted from locked XRP and burned to fund any transaction. This would include Hooks in addition to the usual transaction fees paid in XRP. He believes this combination brings proven programmability to the XRPL, bringing XRP back to life.
I have a suggestion on how to bring programmability to XRPL @JoelKatz @RippleXDev @Ripple @msvadari
It was selfishly designed to allow @EvernodeXRPL to exist on the mainnet.
It contains two parts:
1. Hooks:
2. New token to fund hook fees exclusively.
Hooks
We are afraid that...
— Scott Chamberlain | ????☠️ ???? (@scotty2ten) September 28, 2024
Schwartz stated that this setup seems overly complicated for no benefit. He asked what advantage this might have over just burning XRP for all transaction fees. He stated that there is no magic solution to this problem and added that if a payment is made, it requires more computational resources than if it is not made.
“Either the sender pays these fees (some payments are expensive and some are cheap), the recipient pays them (and spammers can drain the recipient of money), or we don’t discriminate,” he added.
