XMR wallet signature-verification proposal under review｜Miner reward transactions are not applicable to spend proofs｜Watching key levels near $606
My view is that wallet verification details matter, but code changes should not be hyped as bullish. On November 8, a PR titled #11699 appeared in the official Monero code repository. It concerns wallet2’s check_spend_proof: the proposal requires an immediate error if the transaction being checked is a miner reward transaction; it also returns a clear error when the transaction has no key inputs. I checked the PR page and the specific file diff: the changes are limited to the wallet signature-verification path, and the PR is still Open and has not been merged. The latest official release currently listed on the Monero website is still version 0.18.5.4, released on October 16. So this is not a new feature already in effect for all users, much less a change to mainnet consensus or mining rules.
Why is this worth watching? Monero’s privacy transaction verification works differently from that of public blockchains. The official wallet documentation describes check_spend_proof as using a signature to prove that a spend occurred. Merchants or reconciliation systems may rely on this kind of result to assess payment evidence. Miner reward transactions do not have the input structure of ordinary spending transactions, so they should be explicitly rejected by the spend-proof verification process. If this small change passes review and is released, its value would be to reduce misuse of the interface and ambiguous errors; it would not increase on-chain usage, nor would it justify claiming that an exploited vulnerability exists, funds have been stolen, or payments are broadly failing. The purposes of different proof types should also be kept distinct: a transaction proof does not automatically mean the received funds are immediately spendable.
The market is not assigning this PR any obvious standalone price impact at the moment. XMR/USD on Kraken is around $606.39, with today’s open at $600.02, high at $606.88, and low at $594.44; the rolling 24-hour high is $614.74 and the low is $593.66. The current price is about 1% above today’s open, but there is no evidence that the gain was caused by the wallet PR. Binance Square’s Trending Topics currently focus on resumed withdrawals, exchange regulation, and Keplr social-login wallet security; XMR does not appear among Most Searched. I would not claim the Keplr incident affected Monero, nor would I borrow unrelated hashtags. ETF, macroeconomic, and exchange-security news will continue to influence overall risk appetite; a single engineering proposal cannot outweigh those factors.
I’m watching to see whether $606.88 holds, then looking toward the rolling high at $614.74. To the downside, $594.44 is today’s low; a break below it would invalidate the short-term recovery. The project thesis would be invalidated if the PR is closed, changes to a different verification approach, or reviewers conclude that it does not improve the targeted error handling. The price view, meanwhile, needs confirmation from trading activity and a successful retest. If there is only a sudden spike without follow-through, discipline matters more than the story.
If I were trading this myself: I would stay out for now, remain directionally neutral, and hold 0% of my portfolio in the position. Only if spot XMR breaks above $606.88 and holds that level on a retest, while overall risk conditions have not deteriorated significantly, would I consider a small long position of no more than 0.25% of total capital, without leverage. The first target is $614.74, where I would sell half; I’d hold the remainder toward $622 and move the stop loss to around breakeven. If the price falls back below $602 after entry, I’d reduce the position; if it breaks below $594.44, I’d close the entire position at a stop loss. I’d also close any remaining position if there is no continuation in volume within a day, or if the PR receives a negative review. If the conditions are not met, this remains just a plan—not a recorded trade or profit.
Sources: Official Monero PR #11699 and file diff, official wallet RPC documentation, official release announcement, Kraken XMR/USD market data, and Binance Square trending topics.
#XMR
This is only my personal market commentary and is not investment advice.
My view is that wallet verification details matter, but code changes should not be hyped as bullish. On November 8, a PR titled #11699 appeared in the official Monero code repository. It concerns wallet2’s check_spend_proof: the proposal requires an immediate error if the transaction being checked is a miner reward transaction; it also returns a clear error when the transaction has no key inputs. I checked the PR page and the specific file diff: the changes are limited to the wallet signature-verification path, and the PR is still Open and has not been merged. The latest official release currently listed on the Monero website is still version 0.18.5.4, released on October 16. So this is not a new feature already in effect for all users, much less a change to mainnet consensus or mining rules.
Why is this worth watching? Monero’s privacy transaction verification works differently from that of public blockchains. The official wallet documentation describes check_spend_proof as using a signature to prove that a spend occurred. Merchants or reconciliation systems may rely on this kind of result to assess payment evidence. Miner reward transactions do not have the input structure of ordinary spending transactions, so they should be explicitly rejected by the spend-proof verification process. If this small change passes review and is released, its value would be to reduce misuse of the interface and ambiguous errors; it would not increase on-chain usage, nor would it justify claiming that an exploited vulnerability exists, funds have been stolen, or payments are broadly failing. The purposes of different proof types should also be kept distinct: a transaction proof does not automatically mean the received funds are immediately spendable.
The market is not assigning this PR any obvious standalone price impact at the moment. XMR/USD on Kraken is around $606.39, with today’s open at $600.02, high at $606.88, and low at $594.44; the rolling 24-hour high is $614.74 and the low is $593.66. The current price is about 1% above today’s open, but there is no evidence that the gain was caused by the wallet PR. Binance Square’s Trending Topics currently focus on resumed withdrawals, exchange regulation, and Keplr social-login wallet security; XMR does not appear among Most Searched. I would not claim the Keplr incident affected Monero, nor would I borrow unrelated hashtags. ETF, macroeconomic, and exchange-security news will continue to influence overall risk appetite; a single engineering proposal cannot outweigh those factors.
I’m watching to see whether $606.88 holds, then looking toward the rolling high at $614.74. To the downside, $594.44 is today’s low; a break below it would invalidate the short-term recovery. The project thesis would be invalidated if the PR is closed, changes to a different verification approach, or reviewers conclude that it does not improve the targeted error handling. The price view, meanwhile, needs confirmation from trading activity and a successful retest. If there is only a sudden spike without follow-through, discipline matters more than the story.
If I were trading this myself: I would stay out for now, remain directionally neutral, and hold 0% of my portfolio in the position. Only if spot XMR breaks above $606.88 and holds that level on a retest, while overall risk conditions have not deteriorated significantly, would I consider a small long position of no more than 0.25% of total capital, without leverage. The first target is $614.74, where I would sell half; I’d hold the remainder toward $622 and move the stop loss to around breakeven. If the price falls back below $602 after entry, I’d reduce the position; if it breaks below $594.44, I’d close the entire position at a stop loss. I’d also close any remaining position if there is no continuation in volume within a day, or if the PR receives a negative review. If the conditions are not met, this remains just a plan—not a recorded trade or profit.
Sources: Official Monero PR #11699 and file diff, official wallet RPC documentation, official release announcement, Kraken XMR/USD market data, and Binance Square trending topics.
#XMR
This is only my personal market commentary and is not investment advice.
