Top Ripple Execs Spark Controversial Debate Over XRP and Taxes
A debate has arisen among prominent figures in the cryptocurrency world regarding the tax implications of using XRP for cross-currency payments. The discussion centers around XRPL pathfinding and its potential effects on taxable events. Fredo Ayala, an accounting and finance consultant, initiated the conversation and stated that if an XRP settlement occurs within a single ledger without price fluctuations, taxable implications would apply only to the customer. However, if price shifts occur during the pathfinding process, both increases and decreases in taxable events may arise. Ripple's CTO, David Schwartz, emphasized that any profit or gain generated during the process should be considered taxable income for the party responsible.
Founder of BlackSwanCapitalist Warns of XRP Supply Shortage Amid Growing Demand
Founder of BlackSwanCapitalist, Versan Aljarrah, has stated that the demand for XRP's utility is surpassing its available supply, making a higher price necessary to maintain liquidity. Aljarrah believes that the affordable price of XRP cannot endure as global demand for the digital asset escalates. He sees the projected XRP surge as a wake-up call to skeptics who have yet to grasp this economic reality. Shannon Thorp, a Treasury Management team member at Wells Fargo, also argues that XRP's price cannot remain low due to retail investors cashing out and the involvement of top institutions and businesses investing in XRP. XRP currently trades at $0.7088 with a circulating supply of over 52 billion.
Binance.US Instant Swap Adds ARB and XRP
Binance.US tweeted that ARB and XRP have been added to the flash swap function with no transaction fees.
Over 15% of Countries Worldwide in Talks with Ripple for CBDC Adoption
Blockchain technology company Ripple is actively engaged in discussions with over 30 countries regarding the adoption of its Central Bank Digital Currency (CBDC) platform, according to James Wallis, Ripple's Vice President of Central Bank Engagements and CBDCs. The company has already announced partnerships with five countries, with an additional five being pursued discreetly. In addition, Ripple is in discussions with more than 20 other countries considering adoption of its CBDC platform, with the option for a private or public implementation of XRP.
XRP Maintains Liquidity Despite Price Retracement
Despite a general decline in prices, XRP's liquidity has remained stable. Technical indicators suggest a bearish trend and short positions have surpassed longs. However, the volume-to-open interest ratio is still above average, indicating sustained speculative interest.
Pro-XRP Lawyer Jeremy Hogan’s Hacked Twitter Account Finally Recovers From Scam Tweets
After almost four days, the flood of scam tweets on pro-XRP lawyer Jeremy Hogan's hacked account has stopped. The XRP community had been warning others and tagging Twitter's support since July 24 when they noticed Hogan's account tweeting malicious links for a supposed XRP giveaway.
SEC Chair Gary Gensler Dodges Questions on Next Steps in Ripple Lawsuit
Gary Gensler, the Chair of the SEC, avoided answering questions about the agency's next steps in response to the recent XRP vs SEC lawsuit ruling. During an interview with Bloomberg TV, he did not confirm whether the SEC would appeal the decision. Gensler had previously expressed disappointment with the ruling, and the SEC has stated its intention to seek further review. The ruling determined that XRP is only a security when sold to institutional investors, not retail investors, and many US-based crypto exchanges have since relisted the token.
Corpay Unveils Netting Manager to Streamline Settlement of Internal Invoices for Multinational Corporations
Corpay, a partner firm of Ripple, has launched a new financial tool called the Netting Manager, which aims to automate and streamline the settlement of internal invoices for multinational corporations with global subsidiaries. The system uses intercompany netting, a financial technique commonly used by multinational firms to combine transactions in different currencies, resulting in significant time and cost savings. The Netting Manager has a user-friendly design that enables firms of all sizes to adopt it in just a couple of days, and it seamlessly interfaces with the most popular core accounting systems used by organizations. <br>
Congressman Brad Sherman Criticizes Ripple Case Ruling on XRP as "Sometimes a Security and Sometimes Not"
Congressman Brad Sherman has criticized the recent Ripple case ruling that declared XRP as "sometimes a security and sometimes not." During a congressional hearing, Sherman labeled the verdict as "ridiculous" and expressed his broader critique of the crypto industry, which he associates with illegal activities and financial impropriety.
XRP Loses Momentum as Institutional Inflows Remain Lackluster, Ethereum Under Pressure, and Worldcoin Faces Challenge to Sustain Momentum
XRP's post-SEC lawsuit gains have been halved and its momentum is slowing down due to the lack of institutional-grade inflows into the cryptocurrency market. Retail investors were the driving force behind XRP's surge in price after the legal victory, but their involvement may not be enough to sustain a long-term uptrend. Institutional investors are needed to bring substantial funds and credibility to the cryptocurrency market.
