Ripple Labs has been at the forefront of revolutionizing the XRPL (XRP Ledger) ecosystem over the years. Despite facing several legal challenges in the United States, the blockchain payment company has consistently pushed forward, enhancing the infrastructure and liquidity of XRP. Holding the largest share of XRP through an escrow account, Ripple receives 1 billion XRP units at the start of each month. This strategic approach has enabled Ripple to improve XRP liquidity significantly, ensuring XRPL’s competitive edge against other layer-one blockchains, such as Ethereum (ETH).
Ripple vs. SEC: Anticipated Resolution
The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has captured the attention of the cryptocurrency community. The case, which has been a significant hurdle for Ripple, is expected to reach a resolution soon, especially with the anticipated inauguration of President-elect Donald Trump early next year. A favorable outcome could further enhance Ripple’s position in the blockchain industry and boost the adoption of XRPL.
New XRPL Foundation Incorporated
In a significant development, Ripple Labs, in collaboration with XRPL Commons, XRPL Labs, and XAO DAO, has announced the incorporation of the new XRPL Foundation in France. The foundation will operate as a non-profit organization under France’s 1901 law, reflecting Ripple’s commitment to the advancement of digital assets and web3 protocols. The XRPL Foundation aims to promote the general welfare of the XRPL network by increasing developer engagement, establishing new strategic partnerships, and advocating for regulatory advancements.
The XRPL Foundation’s Board of Directors will include the four core founding members along with additional rotating Directors, ensuring diverse representation and strategic decision-making.
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Impact on XRP Price
Recent announcements have had a profound effect on the price of XRP. With the news of the imminent resignation of the current U.S. SEC Chair Gary Gensler, XRP’s market sentiment has turned exceedingly bullish. The large-cap altcoin, boasting a fully diluted valuation of approximately $141 billion, has experienced a remarkable surge of over 200 percent in the last three weeks, reaching around $1.43 during the early New York session on Wednesday.
The establishment of the XRPL Foundation is expected to further catalyze the mainstream adoption of XRP, enhancing its liquidity and fostering sustained growth. As the foundation embarks on its mission to enrich the XRPL ecosystem, Ripple’s influence and innovation continue to shape the future of blockchain technology.
