Ripple Labs released its Q2 2022 report, which looked at different aspects of development and how the market affects its performance. The confirmation that the company was trying to take advantage of opportunities in the NFT market was one of the most important parts of the report. It also said again that it was committed to moving the SEC lawsuit along quickly.
The lawsuit between Ripple and the SEC has been going on for years and is thought to have slowed down both Ripple’s growth and the price of XRP. The company said that it is trying very hard to get the SEC lawsuit over with. It also said that the lack of clear regulations has been a big problem, not just for Ripple but for the whole cryptocurrency market.
Ripple has not stopped looking for ways to grow because of the lawsuit from the SEC. Ripple said that it plans to add NFT support to the XRP Ledger and is looking into growth opportunities in the NFT market. It also showed that it was working with big brands like Lotus Automotive and Balmain to put their NFTs on XRPL.
Ripple’s scope has grown.
The fact that Ripple is working with FLUF World to make a new blockchain called Root Network is one of the most interesting things about the report. This network will also connect to the XRPL and pay for gas with XRP. This kind of use and growth will make more people want XRP and drive up its price.