Ripple Labs announced its Q2 2022 report detailing various product developments while illustrating options in the non-fiat market affecting its performance. A key highlight of the report was the confirmation of the company’s drive towards tapping opportunities in the non-fiat market. It also reiterated its focus on expediting the Ripple-SEC lawsuit.
The Ripple-SEC lawsuit has dragged on for years slowing Ripple’s future development, and XRP s price performance. Ripple stated that it is currently driving hard to have the lawsuit resolved. The company also noted that the lack of regulatory clarity is an issue that is affecting Ripple and taking a toll on the entire cryptocurrency market.
Ripple and NFT
Ripple’s actions have not been entangled in the SEC lawsuit against the organization. How so? The company confirmed that it is interested in exploring growth opportunities in the NFT market and aims to integrate NFT support into the XRP Ledger.
It has also announced partnerships with major brands such as Lotus Automotive and the Balmain fashion brand to come up with NFT alternatives on XRPL.
One of the most intriguing aspects of this write-up is the observed fact that Ripple has at present joined with FLUF World to create a new blockchain called Root Network. This blockchain will incorporate XRPL and also use XRP for travel expenses.
The cryptocurrency XRP has been stuck in a mixed performance since mid-June. As of 29 July, it was trading at $0.363, a slight improvement over last month’s 2022 low.
XPR Market Movement
On-chain metrics for XRP recorded spikes during a brief period on 28 and 29 July. People supported financing rates at Bitmex and Binance during this period, proving investors are interested in its growth.
The corresponding result is that stakeholders were positively impacted by the aforementioned report’s outcome. This can be noticed from whale transaction counts. For example, the whale transaction count metric registered 12 transactions worth more than $1 million in the last 24 hours at press time. This is the highest ranking that this metric earned this week.
XRP also maintained a reputation for high-dollar transactions, with values between $100,000 and $1 million. However, this category did not provide any notable spike in activity compared with the previous week.
A Harder Push
Ripple increased XRP sales by around 50 percent. The company sold approximately $408.9 million in XRP in the second quarter, adding to the 27.27 million it cut from selling holdings the previous quarter.
The Ripples XRP price drop could require a floor of technical support at $0.37 to prevent a decline and a fall. In case XRP fails to hold above this crucial demand level, it could probably lose ground up to $0.34 in a panic. However, the next few months will tell best.
