Ripple reveals SEC lawsuit update and aggressive push into NFT market through its Q2 report
Ripple Labs released its Q2 2022 report highlighting various aspects of development, while market dynamics affecting performance. A central highlight of the report was the confirmation of the company’s efforts to exploit the opportunities in the NFT market. It also reiterated its commitment to fast-track the SEC lawsuit.
The Ripple-SEC lawsuit has dragged on for several years and is believed to have slowed down Ripple’s development, as well as XRP’s price action. The company revealed that it is aggressively pushing for the SEC lawsuit to be resolved. It also noted that the lack of regulatory clarity has been a major obstacle that not only affects Ripple, but one that is a challenge for the entire crypto market.
The SEC lawsuit has not stopped Ripple from seeking growth opportunities. Ripple confirmed that they are interested in exploring growth opportunities in the NFT market and have plans to integrate NFT support into the XRP Ledger. It also revealed partnerships with major brands such as Lotus Automotive and fashion brand Balmain to roll out their NFTs on XRPL.
Ripple’s Expanded Scope
One of the most interesting aspects of the report is the revelation that Ripple has teamed up with FLUF World to develop a new blockchain called the Root Network. This network will also be integrated with XRPL and will use XRP for gas fees. This kind of utility and growth will increase XRP’s demand and price action.
XRP has been stuck in a fluctuating performance since mid-June. It traded at $0.363 as of July 29, which is a slight improvement from today’s 2022 low.
Source: TradingView
Despite its relatively limited price range, XRP’s chain values highlight healthy activity, especially between July 28 and July 29. For example, Bitmex and Binance funding rates improved significantly, suggesting that investor sentiment is improving.
Source: Sentiment
The above outcomes indicate that the report had a positive impact on stakeholders. This is also reflected in the number of whale transactions. For example, the whale transaction count recorded 12 transactions worth more than $1 million in the last 24 hours at press time. This is the highest figure this metric recorded this week.
Source: Sentiment
XRP also maintained a healthy number of transactions worth between $100,000 and $1 million. However, this category did not show any significant peak compared to the previous week.
Where does XRP stand then?
XRP’s price action experienced a slight decline from July 29th. This suggests that the report was not accrediting the cryptocurrency’s price. This is likely because most stakeholders are still concerned about the SEC’s lawsuit.
