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Ripple’s Q2 Report Highlights Massive Strides in the NFT Market, SEC Lawsuit Update

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VOC, Voice of Crypto, Ripple, XRP

In its Q2 2022 report, Ripple Labs highlighted various development aspects and discussed market dynamics affecting performance. The company is going after the lucrative NFT market. The company has also reiterated its commitment to fast-tracking the SEC lawsuit.

The company has been pushing aggressively for the SEC lawsuit to be resolved. However, the lack of regulatory clarity has been a significant obstacle for the entire crypto market, and just Ripple. That said, Ripple has often highlighted that it is not afraid of lawsuits, as they pursue growth opportunities despite the SEC lawsuit.

The report has confirmed that they are interested in exploring growth opportunities for NFTs and plan to integrate NFT support into their XRP ledger. The company has partnerships with major brands such as Lotus Automotive and Balmain to release their NFTs on XRPL.

Ripple’s Expanded Scope

The report also revealed that Ripple has teamed up with FLUF World to develop a new blockchain called Root Network. 

XRP is set for significant growth after integrating with XRPL. The integration will use XRP as gas, which should boost demand and price action in the near term.

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XRP has been stuck in a ranging performance since mid-June. It traded at $0.363 as of 29 July, slightly improving from its current 2022 lows.

Ripple XRP Price

Ripple XRP Price | Source: TradingView 

Ripple’s on-chain metrics show that despite its relatively limited price range, there was healthy activity on the 28th and 29th of July. Its Bitmex and Binance funding rates improved significantly, meaning investor sentiment is improving.

The report positively impacted stakeholders, which can be seen in the increase in whale transactions. XRP continues to maintain a healthy number of transactions worth between $100,000 and $1 million. However, this category did not provide any significant spike compared to the previous week.

What Happens If The SEC Wins The Case

Ripple Labs CEO Brad Garlinghouse assured the company would leave the US if the Securities and Exchange Commission (SEC) wins the legal dispute it is holding against the company in court.

Garlinghouse confirmed this during an interview for the Axios media, in which he reiterated that the company would cease to operate in the US if it loses the lawsuit against the SEC, which accuses the company of having issued and marketed unregistered security when it made the pre-sale of the XRP token between 2013 and 2015.

But about Garlinghouse’s position, the Axios media details that the possible scenarios for Ripple in the US do not seem to be very encouraging:

  • If the company were to win the lawsuit, this would boost its business’s growth and other developer entities within the crypto space. However, this does not guarantee that the XRP token will be listed again on platforms like Coinbase.
  • If they lose the lawsuit, Ripple will focus on working based in another country, which it has already been doing since the dispute with the SEC began in 2020, for which it has already established offices in Canada.

Ripple Price Action

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

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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