• 14 July, 2024
News

Ripple’s Q4 2022 Reports Highlights SEC Lawsuit Update, Regulation, and XRPL

Ripple, a company specializing in blockchain payments, has published its Q4 2022 report, focusing on regulation, the XRP Ledger, and Ethereum Virtual Machine.

Concerning regulation and oversight, the firm said that the FTX debacle is prompting authorities worldwide to conduct more thorough investigations and take steps toward establishing regulatory norms for the business.

Ripple claims it has been a champion for the industry’s need for regulatory certainty for some time now.

With regard to the controversial SEC lawsuit, Ripple has said that after two years of battling on behalf of the whole cryptocurrency sector and American innovation, the case has been completely briefed, and the business is pleased with its defense and feels more confident than ever as it awaits the Judge’s ruling. The company is waiting for a decision from the judge and is hoping to hear something in 2023.

It is interesting to note that Ripple’s crypto-enabled cross-border payments solution, On-Demand Liquidity (ODL), was introduced in France, Sweden, and Africa during the fourth quarter of 2022. ODL is currently accessible in approximately 40 global countries.

Moreover, XRP’s price dropped by 30% in Q4 2022, while volumes dropped by around 40%. Sales dropped to $689M, a decline of 13% from Q3 2022 and a drop of 64% from Q4 2021.

Afterward, the XRPL Ethereum Virtual Machine (EVM) sidechain’s first development phase was unveiled on Devnet. After reaching this landmark, more programmers will be able to use the XRPL’s features (such as its fast, sustainable, and low-cost transactions) while using the Solidity programming language to create smart contracts.

Ripple said that during that quarter, the XLS-20 protocol became live on the XRP Ledger Mainnet. This was a significant milestone for developers and builders who were employing the XRPL for their native NFTs projects and applications.

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