Ripple tests NFT support and hires new lawyers to fight SEC, raises XRP price for an outbreak

by James · July 6, 2022

Developers at RippleX performed tests to confirm 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 when the altcoin kept the ground in the cryptoslide.

RippleX developers performed tests on the XRP Ledger to measure NFT throughput. Over 71 million accounts with 20 NFTs were each tested Ledger and the test was completed. Ripple’s side in the legal battle against the US regulator was strengthened by the addition of two new lawyers to the team of the payment giant.

Also read: Ripple has no chance against the SEC, confirms former securities regulator

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RippleX developers match test the ledger for NFTs

RippleX developers conducted a myriad of ledger tests to identify the throughput of NFT transactions. In addition to the 70.6 million accounts in the general ledger (based on the snapshot), one million new accounts were created.

The Ripple Ledger was tested for a total of 20 million NFTs, when offers and acceptances were registered as transactions on the network. Ripple Ledger held through the workload and gave a flow rate of 751 per second. For XRP payments and NFT the transaction pair, the throughput was relatively higher, 1064 per second. For NFT Mint, it was almost half of the transactions, 384 per second.

Ripple’s development arm then concluded that they are confident in XRP Ledger’s ability to support 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 light last week. Interestingly, the XRP network exploded with a peak in unique addresses. The number of unique addresses interacting on altcoin’s blockchain exceeded 200,000 for the first time since February 2020.

XRP hit the highest activity level when it comes to active addresses for the first time in over two and a half years, and provides key insights into Ripple’s performance against altcoin competitors.

XRP daily active addresses

SEC vs. The Ripple lawsuit rages on, the payment giant adds two lawyers

It is an exciting development in US Securities and Exchange Commission (SEC) lawsuit against Ripple. The payment giant has added two new lawyers to the team to defend itself against the SEC’s allegations of alleged illegal securities offering through the sale of XRP.

Kellogg Hansen’s attorneys Kylie Chiseul Kim and Clayton J. Masterman are the two new lawyers Ripple has added to his team. Usually, the addition of the new lawyers suggests that legal proceedings may be extended, and the fight may continue to rage longer than expected.

Analysts believe the XRP price is prepared for high volatility

Analysts at FXStreet note that XRP price has made a range ranging from $ 0.28 to $ 0.38, and the altcoin is currently in a deep discount mode. Analysts recommend taking a profit of $ 0.38, and identify a demand zone that can prevent the XRP price from falling lower. For more information and pricing, check out this video: