Enhancing the XRPL Ecosystem Amid Legal Challenges
Ripple Labs has continuously enhanced the XRPL (XRP) ecosystem, overcoming various legal challenges, particularly in the United States. As the primary holder of XRP, Ripple Labs manages the escrow account, releasing 1 billion units at the start of each month. This strategic move has significantly boosted XRP liquidity and supported the development of XRPL, positioning it as a formidable competitor to other prominent layer-one blockchains such as Ethereum (ETH).
As the Ripple vs SEC legal case progresses, many anticipate its conclusion with the inauguration of President-elect Donald Trump early next year. This potential resolution could further impact the XRPL ecosystem positively, fostering growth and innovation.
New XRPL Foundation Incorporated
In a collaborative effort, Ripple Labs, alongside XRPL Commons, XRPL Labs, and XAO DAO, has announced the establishment of the XRPL Foundation in France. As a non-profit entity, structured under French 1901 law, this foundation aims to enhance the XRPL network’s overall welfare amidst the growing acceptance of digital assets and web3 protocols.
The XRPL Foundation is poised to bring multiple benefits to the XRP ecosystem. These include heightened developer engagement, the formation of new strategic partnerships, and advancements in regulatory frameworks. The foundation’s Board of Directors will not only consist of the four core founding members but will also feature additional rotating directors to ensure fresh perspectives and dynamic leadership.
Impact on XRP Price
With the recent announcement regarding the impending resignation of the current U.S. SEC Chair, Gary Gensler, XRP has experienced a significant bullish trend. This large-cap altcoin, boasting a fully diluted market valuation of approximately $141 billion, has seen its price soar over 200 percent in the past three weeks, reaching around $1.43 during the early New York session on Wednesday.
The inception of the XRPL Foundation is expected to further promote the mainstream adoption of XRP, thereby enhancing its liquidity and fostering sustained growth. This strategic development signifies a pivotal moment for Ripple Labs and the broader XRPL ecosystem, promising a future of increased innovation and market presence.
