Investing.com – The ledger will be updated. XRP Ledger is likely to receive the XLS-20 update, which will enable the creation and use of NFT applications across the ecosystem. So far, more than 80% of validators have voted in favor of this proposal, which should be seen as a positive development.
There was already a vote on this, but it failed because the previous proposal did not have enough verification elements, which the CheckCashMakesTrustLine should now guarantee.
Along with this development, Ripple CTO David Schwartz and Craig Wright continued their dispute that began late last year.
Craig Wright, who claims to be inventor Satoshi Nakamoto, is convinced that Ripple will fail, which Schwartz cannot understand. So he asked Wright, the founder of Bitcoin SV, what he meant by failure. At the same time, he raised two points that cannot be the cause of the failure:
“It can’t be market cap, considering XRP hits $17 billion and BSV less than $1 billion. Maybe it’s trade volume XRP with $330m vs. BSV with around $20m? No, I think that’s not it either.”
And as if that weren’t enough, he added:
“It’s your insignificant fork of an insignificant fork that fails on every conceivable level possible, as you continue to pound on anyone who forces you to confront a bit of reality.”
Craig then reiterated that the XRP ledger is not meant to continue to evolve and that only blockchains designed to evolve will remain.
An argument that, from the point of view of the technical director of Ripple, does not make sense, because in the coming decades there will be no need for a level 1 blockchain to process millions of transactions per second.
Ripple price technical marks
Ripple is currently trading at $0.3468, a gain of 1.12%, while the weekly loss stands at -6.09%.
On the 4-hour chart, there is currently a test of the 38.2% Fibo retracement at $0.3462. As long as this level and the 20-day moving average of $0.3511 are not sustainably exceeded, expect a retest of the 23.6% Fibo retracement of $0.3343.
The support located here has already served well on December 19 and 30 and should help stem short-term losses.
Above the 50% Fibo retracement of $0.3558, attention would shift to the 61.8% Fibo retracement of $0.3654 and the December 27 high, which sits at $0.3725 .
By Marco Oehrl