XRP Scores a Major Victory as Active Addresses Reach a New All-Time High — The Factors That Contributed To The Surge

Despite the uncertainty surrounding Ripple as a result of its legal fight with the United States Securities and Exchange Commission, use of Ripple's native cryptocurrency XRP is increasing. According to Messari statistics, the number of active XRP addresses hit a new all-time high of over 85,000 unique addresses this week, having increased 836.13 percent in the past year.

The surge in use shows that attitude toward XRP is very positive. The primary drivers of this milestone may be Ripple's recent partnerships with many major partners. Ripple announced a partnership with Qatar National Bank Group (QNB Group) on Wednesday, tasked with assisting the bank in facilitating cross-border payments within Qatar.

"We're delighted to work with QNBGroup to improve cross-border payments in Qatar and eventually expand QNB's remittance business on RippleNet into other markets," they said.

Prior to that, Ripple announced a collaboration with Bhutan's central bank to develop a comparable use case for the XRP ledger. The Royal Monetary Authority (RMA) will issue its digital currency using XRPL's CBDC technology.

Ripple's recent announcement of a $250 million creator fund may have contributed to the increase in market demand. Additionally, the milestone announcement includes a collaboration with NFT marketplaces mintNFT and Mintable, which will integrate the XRP ledger to provide developers and consumers with a smooth NFT experience. The firm anticipates that the collaboration will expedite adoption by recruiting a diverse community of creators to participate in and profit from XRP's NFTs.

Meanwhile, mood may be positive as a result of the company's legal fight with the SEC seeming to be going well. Particularly in light of a recent decision by judge Sarah Netburn that Ripple's request for review of some SEC communications should be allowed.

Among the papers are emails identified by Ripple's legal team as being sent by the SEC to a third party evaluating a digital asset utilizing former SEC Director William Hinman's Ethereum speech to evaluate their project.

Notably, the emails may show that the SEC has been fumbling with its case that Hinman's remarks were just his personal view and not the commission's official stance. Additionally, the papers may have a significant impact on the SEC's long-standing Deliberative Process Privilege argument (DPP).

The SEC's case against Ripple has been characterized as "sizzling out" as Ripple's legal team has progressively eroded the SEC's main arguments and discovered flaws in them. If the firm prevails in the lawsuit, it may set XRP for a long-term price rise to new highs.


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