Ripple Reveals SEC Lawsuit Update and Aggressive NFT Market Push Via Its Q2 Report

Ripple Labs has released its Q2 2022 report highlighting various aspects of the development, while highlighting market dynamics affecting its performance. One of the highlights of the report was the confirmation of the company’s goals to exploit opportunities in the NFT market. He also reiterated his commitment to expediting the SEC lawsuit.

The Ripple-SEC lawsuit has been dragging on for years and is said to have slowed the development of Ripple, as well as the price performance of XRP. The company revealed it was pushing for the SEC lawsuit to be resolved. He also noted that the lack of regulatory clarity has been a major hurdle that not only affects Ripple, but poses a challenge to the entire crypto market.

The SEC lawsuit hasn’t stopped Ripple from looking for growth opportunities. Ripple has confirmed that it wants to explore growth opportunities in the NFT market and plans to integrate NFT support into the XRP Ledger. He also revealed partnerships with major brands such as Lotus Automotive and fashion brand Balmain to deploy their NFTs on XRPL.

Extended reach of Ripple

One of the most interesting aspects of the report is the revelation that Ripple has partnered with FLUF World to develop a new blockchain called Root Network. This network will also be integrated with XRPL and will use XRP for gas fees. This kind of utility and growth will drive demand and price action for XRP.

XRP has been stuck in a ranging performance since mid-June. It was trading at $0.363 as of July 29, which is a slight improvement from its current 2022 lows.

Despite its relatively limited price range, XRP’s on-chain metrics highlight healthy activity, especially between July 28 and July 29. For example, its Bitmex and Binance funding rates have improved significantly, implying that investor sentiment is improving.

Source: Santiment

The above result suggests that the report had a positive impact on stakeholders. This is also reflected in the number of whale transactions. For example, the measure of the number of whale transactions recorded 12 transactions worth more than $1 million in the past 24 hours at press time. This is the highest number this metric has recorded this week.

Source: Santiment

XRP also maintained a good number of transactions worth between $100,000 and $1 million. However, this category did not provide a noticeable spike from the previous week.

Where is XRP then?

XRP’s price action saw a slight retracement from July 29th. This suggests that the report was not accretive to the price of the cryptocurrency. This is likely because most stakeholders are still concerned about the SEC lawsuit.