XRP Setup For Breakout As Ripple Now Tests NFT Support

July 6, 2022 3:51 pm Comments

RippleX developers have been conducting extensive tests in order to measure the XRP Ledger’s ability to support NFTs on a massive scale.

So far, they have tested over 70 million accounts that were each minting their own NFTs successfully which was a testament for the network’s ability to scale for a massive amount of users.

With this, the network s well equipped to become one of the leading solutions in the NFT space which many believe will continue to grow in market size in correlation with the crypto market.

In addition to the testing of the 70 million plus accounts, it was reported that roughly 1 million new accounts were also created.

The success in these tests will ultimately give confidence to XRP holders that the new XLS-20 protocol will be able to fully support NFTs without any issues.

FXStreet reports:

The Ripple Ledger was tested for a total of 20 million NFTs, as offers and acceptance were recorded as transactions on the network.

Ripple ledger sustained through the workload and offered a throughput rate of 751 per second. For XRP payments and NFT transaction pair, the throughput was relatively higher, 1,064 per second. For NFT mints, it was nearly half of the transactions, 384 per second.

The development arm of Ripple then concluded that they are confident in XRP Ledger’s ability to support the XLS-20 for NFTs.

Analysts at the crypto intelligence firm Santiment noted that XRP held its ground better than most other altcoins in the crypto slide last week. Interestingly, the XRP network exploded with a spike in unique addresses.

The number of unique addresses interacting on the altcoin’s blockchain crossed 200,000 for the first time since February 2020.

To shed more light on the recent activity level on the blockchain, the data also shows that XRP reached the highest level of activity when measured in terms of active wallets for the first time since February 2020.

This is quite significant as all this growth was able to continue despite the ongoing SEC lawsuit against Ripple which was started nearly one and a half years ago.

Many believe this can be attributed to Ripple’s strong competitive market position when compared to other tokens on the market as well as the fact that most of the growth has occurred outside of the United States in the past couple years.

Ripple has also been strengthening its legal team by adding new team members which will continue to turn the lawsuit in Ripple’s favor.

FXStreet concludes:

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

Kellogg Hansen lawyers Kylie Chiseul Kim and Clayton J. Masterman are the two new attorneys Ripple added to its team. Typically, the addition of the new attorneys suggests that legal proceedings may be extended, and the battle may continue to rage for longer than expected.

Analysts at FXStreet note that the XRP price has created a range extending from $0.28 to $0.38, and the altcoin is currently in a deep discount mode. Analysts recommend taking profits at $0.38, identifying a demand zone that could prevent the XRP price from dropping lower.

With so many upcoming developments in the work and the Hinman decision coming up, XRP may now potentially be setting up for a new rally.

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