Ripple Labs released its report for the second quarter of 2022 highlighting various development methods and also highlighted the market dynamics affecting its performance. The report confirmed the company's pursuits aimed at capitalizing on opportunities in the NFT space. On the other hand, he reiterated his commitment to follow up on the SEC case quickly.
The Ripple-SEC lawsuit has dragged on for years. This, in turn, is believed to slow down the development of the Ripple company and the price action of XRP. The company said it is aggressively pushing for the SEC case to be resolved. On the other hand, he stated that the lack of regulatory clarity both affects the Ripple company and creates an obstacle for the entire cryptocurrency market.
The SEC lawsuit failed to prevent Ripple from pursuing growth opportunities. Ripple has confirmed that it is interested in exploring growth opportunities in the NFT space and plans to integrate NFT support into the XRP Ledger. On the other hand, it has signed partnerships with big brands like Lotus Automotive and Balmain fashion brand to launch their NFTs on XRPL.
One of the most interesting aspects of the report is that it reveals that Ripple is working with FLUF World to develop a new blockchain called Root Network. This month, it will also integrate with XRPL and use XRP for gas fees. This kind of benefit and growth will increase demand and price action of XRP.
XRP also maintained a healthy transaction count of $100,000 to $1 million. However, this category did not provide a significant increase compared to the previous week. Ripple sold $408 million in XRP in the second quarter of this year. It was stated that this corresponds to a 49 percent increase compared to the previous quarter. The company attributed this increase to greater adoption of On-Demand Liquidity.