A number of active user addresses reached a new all-time high on the XRP blockchain. The surge in activity may be associated to elevated adoption following recent partnerships Ripple made. The SEC lawsuit in opposition to Ripple can also be driving sentiment in favor of XRP.
Despite the uncertainty surrounding Ripple due to its legal battle with the U.S. Securities and Exchange Commission, Ripple’s native token XRP is seeing its usage enhance. This week, the variety of lively XRP addresses reached a new all-time high of over 85,000 unique addresses having grown 836.13% within the last year in line with data from Messari.
The spike in utilization signifies that sentiment is strongly bullish for XRP. The main drivers of this milestone could in part be the current agreements that Ripple reached with some key partners. As recently as Wednesday, Ripple introduced a partnership with Qatar National Bank Group (QNB Group) that may see the corporate help the bank with facilitating cross-border payments in Qatar.
“We’re excited to partner with QNBGroup to provide an enhanced cross-border funds expertise in Qatar and in the end scale QNB’s remittance service on RippleNet into further markets” they introduced.
Prior to that, Ripple additionally introduced a partnership with the central bank of Bhutan to attain an analogous use case for the XRP ledger. The Royal Monetary Authority (RMA) will use XRPL’s CBDC solution to difficulty its digital currency.
The announcement of a $250 million creator fund from Ripple a while in the past may have additionally been a part of the components boosting market demand. The milestone announcement additionally included a partnership with NFT marketplaces mintNFT and Mintable which can combine the XRP ledger to ship a seamless NFT expertise for builders and customers. The corporate expects that the partnership will assist speed up adoption by attracting a broad group of creators to take part in and profit from NFTs on the XRP blockchain.
In the meantime, it could additionally follow that sentiment is bullish due to the truth that the company’s legal battle with the SEC seems to be going in the fintech company’s favor. Particularly following a current ruling made by judge Sarah Netburn {that a} motion by Ripple, demanding a review of certain SEC communications, should be granted.
Among the many paperwork are emails that Ripple’s legal staff identified that the SEC sent to a 3rd party analyzing a digital asset using ex-SEC Director William Hinman’s speech about Ethereum to evaluate their undertaking.
Considerably, the emails might reveal that the SEC has been lolling with its argument that Hinman’s speech was only his private opinion and never the official place of the commission. Moreover, the paperwork might severely have an effect on the SEC’s long-standing argument of Deliberative Process Privilege (DPP).
The SEC’s case in opposition to Ripple has been described as “sizzling out” as Ripple’s legal team has progressively chipped away on the SEC’s main factors and located cracks in them. If the corporate wins the case, it might place XRP for a large value surge to new highs in the long term.
Source: Zycrypto
