Ripple's Former CTO Sparks Debate on Taxation of Staking Rewards

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 58 minutes ago

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Taxation Debate on Staking Rewards: David Schwartz, Ripple's former CTO, argued that the tax treatment of staking rewards should depend on how they are generated, suggesting that rewards created through staking should be taxed upon sale rather than receipt, framing them as property rather than immediate income.
Impact of IRS Ruling: The IRS's Revenue Ruling 2023-14 mandates that cash-method taxpayers must include the fair market value of staking rewards in gross income when they gain control, indicating that such rewards are generally taxable when the taxpayer can sell or transfer them.
Current State of XRP Network: Despite Schwartz's insights providing a framework for potential staking models, the XRP Ledger does not currently support native staking, meaning holders must seek yield through third-party platforms, which introduces various risks.
Foundation for Future Discussions: Schwartz's

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Technical Analysis for XRP

Technical Sentiment Analysis for XRP (XRP). As of , XRP (XRP) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XRP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XRP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

XRP (XRP) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1.144	1.206	1.274	1.336	1.404	1.466	1.534
Fibonacci	1.206	1.256	1.286	1.336	1.386	1.416	1.466

About XRP

Launched in 2012, the XRP Ledger (XRPL) is an open-source, permissionless and decentralized technology. Benefits of the XRP Ledger include its low-cost ($0.0002 to transact), speed (settling transactions in 3-5 seconds), scalability (1,500 transactions per second) and inherently green attributes (carbon-neutral and energy-efficient). The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, having closed 70 million ledgers.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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