Ripple and other key players such as XRPL Labs, XRPL Commons, and XAO DAO announced the creation of a new non-profit organization, XRPL Foundation. This organization aims to provide long-term security, decentralization and looks for for the growth of the XRPL. The organization is designed in a way that it enhances the community collaboration and empowers developers to build decentralized applications (dApps) and financial tools.
The new XRPL Foundation, in collaboration with @XRPLLabs, Ripple, @xrpl_commons, & XAO DAO (@Wave_of_Innov), is now officially incorporated.
Check out the Foundation’s new governance, objectives and how to get involved in the future: https://t.co/oi899mWbq6
— RippleX (@RippleXDev) November 27, 2024
The Foundation will focus on two main goals:
Promoting XRPL adoption by supporting developers and advancing blockchain technology. Maintaining decentralization and transparency across the network. The governance will be handled by a Board of Directors, which includes founding members like Ripple and XRPL Labs, alongside rotating directors from the community. A General assembly will also offer a democratic platform for community input, ensuring balanced decision making.
Key areas of focus include security, developer resources, strategic partnerships, and regulatory advocacy. This collaborative approach aims to develop growth, innovation and resilience within the XRPL ecosystem.
Impact on Ripple’s XRP Price
This announcement is expected to positively impact the Ripple’s XRP price. The establishment of well-governed, transparent foundation strengthens investor confidence in XRPL’s long-term stability and growth potential. Moreover, increased community involvement and developer engagement could lead to new use cases, driving adoption and boosting XRP demand.
Analyst predict that the price for XRP token may surge to $2 by the end of this month. At press time, the XRP token price stands at $1.44 with a surge of 6.4% in the last 24 hours.
What’s Next for XRP?
In the short-term, XRP’s price could see continued gains due to heightened investor interest. The launch of XRPL foundation, Ripple’s investment in Bitwise’s XRP ETP and rebranding of the ETP and Archax’s launch of the first tokenized money market fund on XRPL as these developments may attract a good amount of investors.
In the past week the token experience a surge of more than 25% and the momentum is likely to persist given the circumstances and the developments in the XRPL ecosystem.
In the long-term, XRPL’s ecosystem expands, XRP’s utility and value are expected to to grow, and solidify its position as a key player in the crypto industry.
Also Read:Ripple Invests in Rebranding Bitwise XRP ETP; XRP Stable at $1
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