- 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: