Ripple Labs published its 2022 second-quarter report highlighting several development aspects. It also revealed market dynamics impacting its performance. A crucial part of the results was the company confirming its pursuit to join lucrative opportunities in the non-fungible token (NFT) market.
The Ripple vs. SEC battle has persisted for years and affected Ripple’s development plus XRP’s price action. The firm confirmed pushing aggressively to end the SEC legal fight. It stated that the absence of regulatory transparency remained a massive hurdle, affecting Ripple and the overall cryptocurrency market.
Nevertheless, the lawsuit hasn’t prevented Ripple from exploring growth opportunities. The crypto company confirmed interest in pursuing growth opportunities within the NFT markets and plans to support NFTs on the Ripple Ledger. Also, it announced partnerships with leading brands like Balmain fashion brand and Lotus Automotive to introduce the non-fungible tokens on XRPL.
Ripple’s Lengthened Scope
One of the notable things about the report is the declaration that Ripple has collaborated with FLUF World to build Root Network, a new blockchain. The network will utilize XRP for gas and integrate with XRPL. This growth and utility will heighten Ripple demand and XRP price action.
XRP has had its price tendencies stuck within a range since mid-June. The altcoin traded near $0.363 by July 29, a brief surge from the recent lows of the year. Meanwhile, Ripple’s on-chain metrics showed healthy activity (especially between July 28 and 29) despite the relatively limited price range. For instance, its Binance and Bitmex funding rates saw significant improvements, confirming improving investor sentiment.
The outcome above shows the report triggered positive impacts on shareholders. Also, the whale transaction count confirms the case. For instance, the whale transfer count index recorded twelve transactions worth over $1 million in the last 24 hours. That represented the highest number this metric registered this week. Also, XRP kept an impressive count of transfers worth 100K – $1 million. Nevertheless, this cohort didn’t offer notable spikes compared to last week.
What About XRP Price?
XRP price noted a brief retracement by July 29. That shows the report wasn’t accretive of the asset’s price. That’s (probably) because most shareholders still worry about the ongoing lawsuit with the SEC.