XRP News: Ripple’s New XRPL Foundation Boosts Ecosystem Amid Legal Victory
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Ripple Labs has significantly improved the XRPL (XRP) ecosystem over the years, despite the legal hurdles in the United States. The blockchain payment company holds the largest share of XRP, through the escrow account, whereby the firm receives 1 billion units at the beginning of each month.
As a result, Ripple has managed to improve XRP liquidity in addition to XRPL’s developments to compete with other layer-one blockchains led by Ethereum (ETH). Moreover, the Ripple vs SEC case is more likely to end as soon as President-elect Donald Trump is inaugurated early next year.
New XRPL Foundation Incorporated
Earlier today, Ripple Labs in close collaboration with XRPL Commons, XRPL Labs, and XAO DAO announced the incorporation of the new XRPL Foundation in France. According to the announcement, the XRPL Foundation will operate as a non-profit organization under the French 1901 law.
Amid the mainstream adoption of digital assets and web3 protocols, the new XRPL Foundation will focus on the general welfare of the XRPL network. Among the expected benefits of the XRPL Foundation to the XRP ecosystem will include increased developer engagement, establishment of new strategic partnerships, and regulatory advancement, among others.
In addition to the four core founding members, the XRPL Foundation’s Board of Directors will comprise additional rotating Directors.
Impact on XRP Price
Following the recent announcement of the imminent resignation of the current U.S. SEC Chair Gary Gensler, the XRP price action has turned extremely bullish. The large-cap altcoin, with a fully diluted valuation of about $141 billion, has surged over 200 percent in the last three weeks to trade about $1.43 on Wednesday, during the early New York session.
The creation of the XRPL Foundation will bolster the mainstream adoption of XRP, thus bolstering its longstanding liquidity and growth.
