More On: ripple lawsuit update
Ripple's cross-border growth confronts the SEC
Ripple lawsuit update: Judge rejects SEC's request to suppress Ripple docs
RIPPLE WINNER DUE TO SEC'S 'MAJOR ERRORS' AT 'SUICIDE MISSION HEARING'
In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
XRP gains support from SEC v. Ripple case updates
- Despite the current legal battle with the SEC, Ripple's cross-border payment technology has seen significant growth year on year.
- Ripple's On-Demand Liquidity related sales increased to $2.12 billion in Q2 2022, indicating the platform's expansion and acceptance.
- Analysts forecast a 28 percent increase in the price of Ripple, anticipating a departure from the present trend.
Ripple's On-Demand Liquidity sales increased dramatically. Despite the ongoing legal struggle with the SEC, the payment behemoth has continued to expand and form alliances. Analysts have expressed optimism about XRP.
In the second quarter of 2022, the volume of Ripple ODL sales increased.
Despite the legal struggle with the SEC, the On-Demand Liquidity platform powered by XRP saw a significant increase in year-on-year volume. According to statistics from the Q2 2022 report, the payment giant expanded through partnerships.
The report reads:
Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.
Ripple's ODL platform-related sales increased to $2.12 billion, with $1.717 billion in purchases and $409 million in net sales. Ripple is expanding globally and forming collaborations with designer companies such as Balmain.
Ripple's recent collaboration with FOMO Pay, a payment solution provider, aided the payment giant's expansion in Singapore and improved cross-border treasury flows.
In reaction to macroeconomic indications and other global economic developments, XRP price and volume fell 22 percent QoQ.
Analysts are optimistic about the price of XRP.
Analysts assessed the XRP price trend and found it to be positive. The asset is poised to break out of its trend and post a 28 percent price rise. In the XRP price chart, Anshuman Roy, a crypto expert, found a probable golden cross and an ascending triangular pattern.
The golden cross between the 50 and 200-day Moving Averages might signal the start of an XRP rally.
Ascending triangle patterns are used by traders to identify a breakout in an asset. Price movements allow a horizontal line to be formed along a rising trendline, resulting in the pattern.
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