- Ripple Labs released its Q2 2022 report revealing an aggressive push in NFTs, tapping into Web3 opportunities.
- The SEC lawsuit did not hold back Ripple from pursuing growth opportunities, the payment giant reiterated its commitment to the legal battle.
- Analysts believe XRP price is ready to retrace to stable support level as bulls fail to push price higher.
Ripple Labs highlighted performance in its Q2 2022 report. The payment giant made strides in Web3 and NFT space despite the long legal battle with the SEC. Analysts have a bearish outlook on XRP and predict a drop in the altcoin.
Also read: SEC v. Ripple battle ensues, Counsel says regulator is bullying the crypto market
Ripple is tapping opportunities in the NFT market
Ripple Labs released its Q2 2022 report and highlighted development aspects through the second quarter. Market dynamics did not negatively impact Ripple’s performance. A key highlight of the report was Ripple’s commitment to NFTs and opportunities in Web3.
In the SEC v. Ripple lawsuit, Ripple reiterated its commitment towards fast-tracking the legal battle. The lawsuit has dragged on since December 2020, slowing down XRP price growth in several instances.
A lack of regulatory clarity was the key hurdle affecting Ripple and the entire crypto market. The lawsuit has not stopped the payment giant from pursuing new opportunities in the crypto ecosystem. Ripple recently unveiled partnerships with major brands Lotus Automotive, Balmain among others, rolling out their NFTs on XRP Ledger.
Ripple widens scope, ready to compete in Web3
Interestingly, the Q2 2022 report revealed Ripple’s partnership with FLUF World to develop the Root network. This network will be integrated with XRPL and will use XRP for gas fees. The boost in utility of XRP token could fuel a bullish sentiment among holders.
Ripple’s partner Peersyst Technology, a Barcelona-based software development firm put the first version of its National Land Registry on XRPL. The firm recorded the first adjudication resolution in Colombia on XRP Ledger.
This marks XRP’s rising utility in applications like NFTs and land registry.
Analysts predict decline in XRP price
Analysts at FXStreet believe XRP is ready to retrace to a stable support level. Bulls attempted to push XRP higher, and failed for the fourth time consecutively. Therefore, analysts are bearish on XRP. For price information and more details check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Lido DAO announces new phase on Ethereum with Simple DVT module
Lido DAO voted on the deployment of the Simple DVT module nearly six months ago, it is ready for mainnet as of April 17. Simple DVT helps to make Lido’s technology accessible to more users. LDO price is down nearly 3% in the past day.
New altcoins crash and burn, but this altcoin shows strength Premium
Binance Coin price shows a bullish pennant continuation pattern. BNB could range between the $600 to $526 levels until the skies clear out for Bitcoin. The altcoin could see a massive gain with the upcoming BEP-336 upgrade.
Cronos price fails to recover despite network upgrade
Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours.
XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place
XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.