Ripple’s native token, XRP, turns out to be the biggest gainer of the day as cryptos printed red indexes. XRP spiked by more than 6% on Sunday morning, recording a decoupling trick from the emerging selling pressure.
Bitcoin (BTC) and Ethereum (ETH) posted a marginal decline over the last 24 hours, while the fear and greed index extends its greed sentiment among investors. The global crypto market cap dropped by 0.77% to stand at $2.29 trillion. The cumulative 24-hour trading volume saw a dump of 33% to move around $48.4 billion.
XRP gains outperform Bitcoin
XRP price trading around $0.598 registered a jump of over 6% to reclaim the $0.6 mark. The crypto went on to hit the $0.63 resistance zone before falling back to $0.62 territory. XRP is trading at an average price of $0.625, at press time. Its 24-hour trading volume skyrocketed by 70% to stand at $2.24 billion.
As per the data shared by Coinglass, over $1.56 million worth of long and short bets placed on XRP’s price action got liquidated in the last 24 hours. $1.24 million worth of liquidated bets (79%) turns out to be long positions.
Source: Coinglass
XRP price surge comes in when Bitcoin is hovering around the $66,000 zone. However, XRP has managed to outperform BTC in the longer frame as Ripple’s native crypto price had surged by 30% in the last 90 days, mainly due to a positive outcome in the US SEC lawsuit. On the other hand, BTC price only surged 4% during the same period.
The SEC reportedly plans to appeal Judge Torres’s July ruling that secondary sales of XRP are not securities. John Deaton, pro-crypto attorney and Massachusetts Republican primary winner believes the SEC has no valid grounds for appeal and called it a stall tactic. Deaton also argues that Judge Torres didn’t fully apply the Howey Test which is a legal standard for determining if an asset is a security.
Ripple CTO slams complex gas token proposal
Ripple CTO, David Schwartz, expressed his opinion on a proposal that aims to bring programability to the XRP ledger (XRPL). Scott Chamberlain, co-founder of Evernode suggests allowing EvernodeXRPL to exist on mainnet.
Chamberlain proposed Hooks for programability and Codii as a new gas token minted from locked-up XRP and burned to fund any transaction. It involves Hooks in addition to the usual transaction fee payable in XRP. He believes that this mixture brings proven programmability to the XRPL, and brings XRP to life.
Schwartz stated that this setup looks way too overcomplicated for no benefit. He asked what advantage this would have over just burning XRP for all transaction fees. He mentioned that there is no magic fix to this and added that If a payment hits a hook, it takes more computational resources than if it doesn’t.
He stated, “Either the sender pays those fees (and some payments are expensive, some cheap), the recipient pays them (and spammers can drain recipient funds), or we don’t discriminate.”
