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Ripple reveals SEC lawsuit update and aggressive push into NFT market through its Q2 report

Ripple Labs launched its Q2 2022 report highlighting varied growth points, whereas additionally highlighting market dynamics affecting its efficiency. A key spotlight of the report was the affirmation of the corporate’s pursuits geared toward tapping into alternatives within the NFT market. It additionally reiterated its dedication in the direction of fast-tracking the SEC lawsuit.

The Ripple-SEC lawsuit has dragged on for years and is believed to have slowed down Ripple’s growth, in addition to XRP’s worth motion. The firm revealed that it’s pushing aggressively for the SEC lawsuit to be resolved. It additionally famous that the dearth of regulatory readability has been a significant hurdle that isn’t solely affecting Ripple however one that could be a problem for all the crypto market.

The SEC lawsuit has not stopped Ripple from pursuing development alternatives. Ripple confirmed that it’s eager about exploring development alternatives within the NFT market and has plans to combine NFT assist into the XRP Ledger. It additionally revealed partnerships with main manufacturers reminiscent of Lotus Automotive and the Balmain vogue model to roll out their NFTs on XRPL.

Ripple’s expanded scope

One of probably the most fascinating points of the report is the reveal that Ripple has teamed up with FLUF World to develop a brand new blockchain referred to as Root Network. This community can even be built-in with the XRPL and can use XRP for fuel charges. This form of utility and development will enhance XRP’s demand and worth motion.

XRP has been caught in a ranging efficiency since mid-June. It traded at $0.363 as of 29 July, which is a slight enchancment from its present 2022 lows.

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Despite its comparatively restricted worth vary, XRP’s on-chain metrics spotlight wholesome exercise, particularly between 28 July and 29 July. For instance, its Bitmex and Binance funding charges improved considerably, implying that investor sentiment is bettering.

Ripple XRP 19.53.21 29 Jul 2022

Source: Santiment

The above consequence means that the report had a constructive impression on stakeholders. This can be mirrored in whale transaction counts. For instance, the whale transaction depend metric registered 12 transactions price greater than $1 million within the final 24 hours at press time. This is the very best quantity that this metric recorded this week.

Ripple XRP 19.57.28 29 Jul 2022

Source: Santiment

XRP additionally maintained a wholesome variety of transactions price between $100,000 and $1 million. However, this class didn’t present any noteworthy spike in comparison with the earlier week.

Where does XRP stand then? 

XRP’s worth motion skilled a slight retracement as of 29 July. This means that the report was not accretive of the cryptocurrency’s worth. This is probably going as a result of most stakeholders are nonetheless involved concerning the SEC’s lawsuit.

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