Ripple tests NFT support and hires new lawyers to fight the SEC, setting XRP price up for a breakout
- Developers at RippleX conducted tests to affirm that the XRP Ledger is ready to support NFTs.
- Two new lawyers have joined Ripple in its legal battle with the US SEC.
- Unique addresses on the XRP network exceeded 200,000 for the first time since February 2020 as the altcoin held ground in the crypto slide.
RippleX developers performed tests on the XRP Ledger to measure NFT throughput. Upwards of 71 million accounts minting 20 NFTs each were tested on the Ledger and the test was concluded successfully. Ripple’s side in the legal battle against the US regulator was strengthened by the addition of two new lawyers to the payment giant’s team.
Also read: Ripple does not stand a chance against SEC, affirms former securities regulator
RippleX developers battle test the ledger for NFTs
RippleX developers conducted a myriad of tests on the ledger to identify the throughput for NFT transactions. In addition to 70.6 million accounts that exist on the ledger (based on the snapshot), one million new accounts were created.
The Ripple Ledger was tested for a total of 20 million NFTs, as offers and acceptance were recorded as transactions on the network. Ripple ledger sustained through the workload and offered a throughput rate of 751 per second. For XRP payments and NFT transaction pair, the throughput was relatively higher, 1,064 per second. For NFT mints, it was nearly half of the transactions, 384 per second.
The development arm of Ripple then concluded that they are confident in XRP Ledger’s ability to support the XLS-20 for NFTs.
XRP Network unique addresses exceed 200,000
Analysts at the crypto intelligence firm Santiment noted that XRP held its ground better than most other altcoins in the crypto slide last week. Interestingly, the XRP network exploded with a spike in unique addresses. The number of unique addresses interacting on the altcoin’s blockchain crossed 200,000 for the first time since February 2020.
XRP hit the highest level of activity in terms of active addresses for the first time in over two and half years, offering key insight into the performance of Ripple against its altcoin competitors.
XRP daily active addresses
SEC vs. Ripple lawsuit rages on, payment giant adds two lawyers
There is an exciting development in the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The payment giant has added two new lawyers to the team to defend against the SEC’s charges of alleged illegal securities offering through the sale of XRP.
Kellogg Hansen lawyers Kylie Chiseul Kim and Clayton J. Masterman are the two new attorneys Ripple added to its team. Typically, the addition of the new attorneys suggests that legal proceedings may be extended, and the battle may continue to rage for longer than expected.
Analysts believe XRP price is primed for major volatility
Analysts at FXStreet note that the XRP price has created a range extending from $0.28 to $0.38, and the altcoin is currently in a deep discount mode. Analysts recommend taking profits at $0.38, identifying a demand zone that could prevent the XRP price from dropping lower. For more information and price targets, check out this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
