Ripple Labs released its Q2 2022 report, which highlights various aspects of development while explaining the market dynamics affecting its performance.
Ripple Labs, founded in 2012 as OpenCoin, is the software company developing the XRP cryptocurrency and distributed ledger technology alongside a suite of payment protocols for streamlined cross-border settlement for financial institutions.
The report that Ripple Labs released for Q2 2022 highlights the confirmation of the company’s activities aimed at seizing opportunities in the NFT market. It also expresses its commitment to expedite the SEC lawsuit.
The Ripple-SEC lawsuit is believed to have slowed Ripple’s development as well as XRP’s price action. The company disclosed that it is aggressively pushing to have the SEC lawsuit resolved. He also noted that the lack of regulatory clarity has been a major hurdle that not only affects Ripple, but is a challenge for the entire crypto market.
Ripple, in its quest for growth despite the aforementioned demand, confirmed that it has plans to integrate NFT support into XRP Ledger. Furthermore, it revealed partnerships with major brands such as Lotus Automotive and fashion brand Balmain to implement their NFTs in XRPL.
Ripple Expanded Reach
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 the Root Network. This network will also integrate with XRPL and use XRP for gas fees. This type of utility and growth will drive demand and price action for XRP.
XRP has been stuck in a mixed performance since mid-June. It was trading at $0.363 on July 29, which is a slight improvement from its current 2022 lows.
Despite its relatively narrow price range, XRP’s on-chain metrics highlight healthy activity, especially on July 28 and 29. For example, its funding rates from Bitmex and Binance have improved significantly, implying that investor confidence is improving.
The above result suggests that the report had a positive impact on stakeholders, which is also reflected in the whale transaction counts. Evidence of this is the whale transaction count metric, which recorded 12 transactions worth more than $1 million in the last 24 hours, being the highest number this metric recorded this week.
XRP also held a good number of transactions worth between $100,000 and $1 million. However, this category did not provide any notable uptick compared to the previous week.
XRP Current Situation
XRP price action saw a slight pullback as of July 29. This suggests that the report did not increase the price of the cryptocurrency. This is likely because most stakeholders are still concerned about the SEC lawsuit.
By Audy Castaneda