XRP News: Ripple Launches XRPL Foundation in France Amid SEC Case Win
Elena R27 Nov 20242 min read
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.
Ripple has worked to boost XRP liquidity while advancing XRPL’s technology to compete with leading blockchains like Ethereum (ETH). Anticipation is growing that Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) could resolve soon, with some expecting a breakthrough after President-elect Donald Trump takes office next year.
XRPL Foundation Debuts in France
Ripple Labs, in partnership with XRPL Commons, XRPL Labs, and XAO DAO, has launched the XRPL Foundation in France. Operating as a non-profit under French law, this new foundation is set to drive growth and innovation across the XRPL ecosystem.
The XRPL Foundation aims to increase developer participation, forge strategic partnerships, and advance regulatory efforts. Its leadership will include four founding members alongside rotating directors to ensure balanced and inclusive governance.
As Web3 technologies and digital assets see wider adoption, the XRPL Foundation will focus on the long-term health and development of the XRPL network. This initiative is expected to attract developers, institutional partners, and regulatory backing.
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.
