The SEC charged Ripple Labs executive, Brad Garlinghouse and Chris Larson with a $1.3 billion lawsuit. The case is still ongoing. During the case, the executive claimed that SEC has deliberately sided with the cryptocurrency projects like Bitcoin and Ethereum. On the other hand, the prosecutors from SEC have not been able to submit any correspondence on the matter of ETH and BTC thus far.
However, the XRP token has been performing with a consistent increase despite all the legal hassle and the bad press. The market analyst from Santiment who goes by the name of Crypto Eri has recently shed some light on the matter. She told her followers that a $250 million worth of Creator Fund has been set up by Ripple Labs that has contributed to the price rally.
As per data provided by Santiment, the XRP token has been able to remain ahead of the curve in terms of daily transaction volume. In the last 24 hours, the metric went from 11.3K transactions per day to 142K transactions per day. This shows an 11% increase in a short amount of time. The ability to handle an ever-increasing amount of traffic for a blockchain is a good sign.
Meanwhile, Eri further pointed out that the Ripple Ledger has also recently added a new update on the network called the Songbird protocol. She claimed that the platform is also planning to launch a new NFT marketplace before the end of the ongoing year. The NFT marketplace is going to work as an activity booster on the ecosystem and further test its limits.
Crypto market strategist Brian from Santiment has published a report about the prospects of XRP and the performance of the XRP ledger. He claims that XRP has a visible superiority over other cryptocurrency variants in the market. He added that the network allows assets to move on a global scale without facing any delays. Therefore, there is massive scope for its growth in the future.
Brian is also bullish for the XRP token in the short run. He claimed that if the network manages to keep building its transaction traffic and increase its user engagement, it can continue treading the bullish path. On the other hand, Eri claimed that the ODL protocol that adds on-demand liquidity on the XRP ledger has also contributed to increasing the interest of the investors in the controversial token.