In the backdrop of a declining global crypto market, XRP shows significant gains, outperforming Bitcoin and Ethereum in growth metrics.
XRP Outperforms Bitcoin
XRP showcased a spike of over 6% early Sunday morning, reaching $0.63 before retreating to $0.62. The current average price stands at $0.625. The 24-hour trading volume saw a surge of 70% to $2.24 billion. Data from Coinglass shows $1.56 million worth of bets were liquidated in the last 24 hours, with $1.24 million being long positions.
SEC's Stance on XRP
The SEC plans to appeal Judge Torres's ruling that secondary sales of XRP are not securities. Attorney John Deaton believes the SEC has no grounds for appeal and calls it a stall tactic. He also argues that the judge did not fully apply the Howey Test to determine securities.
Ripple CTO's Opinion
Ripple CTO David Schwartz expressed his opinion on a proposal to bring programmability to the XRP Ledger. Scott Chamberlain of Evernode proposed including Hooks and a new gas token Codii, minted from locked-up XRP. Schwartz calls the proposal overly complicated without apparent benefits.
XRP continues to show steady gains despite challenging market conditions, sparking active discussions among investors and developers.
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