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XRP Ledger Activity Surges With NVT Ratio Spike and $44M Transaction Volume

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  • XRP Ledger sees a spike in activity with higher transaction throughput and a sharp rise in the NVT Ratio.
  • NVT Ratio reached 1,162 on November 2, signaling increased transaction traffic through the XRP network.
  • On-chain transactions hit $44 million on November 2, suggesting growing demand for XRP in cross-border payments.

The XRP Ledger has seen a spike in activity in recent days with higher than normal transaction throughput being recorded in the recent past. In a recent X post, analytical platform CrypotQuant reported that this uptick in activity is accompanied by a sharp rise in the NVT (Network Value to Transaction) Ratio. The NVT Ratio has increased showing a stronger trend in on-chain activity, which means that the usage of the XRP network for the transfer of value has increased.

One of the most important indicators of network activity is the NVT Ratio, which is obtained by dividing the network’s market capitalisation by the daily on-chain transaction volume. In other words, it provides a sense of how the value of a blockchain is connected to the number of transactions it handles.

XRP NVT Ratio Surge

The ratio became significantly higher and grew several times, particularly, on November 2nd. On that day, the NVT Ratio jumped to a 1,162. This spike is important because it can be attributed to increased transaction traffic through the Ripple network.

The rise of NVT Ratio is linked to the enhanced on-chain transactional throughput on the XRPL, which hit $44 million on November 2nd. This is a significant rise in the daily transaction traffic, thus supporting the Stella bow of XRP as a means of transferring value across the ledger. Even as transaction traffic has been volatile, the network’s market capitalization has been fairly constant at $51.1 billion.

Surge In Network Activity

Increase in the on-chain transactions could be an evidence of increasing requirement for XRP for cross border payments and other financial services which can lead to further growth in coming months. Nevertheless, the sharp rise in the NVT Ratio implies that while the network is being actively used, the market capitalization of the network seems hardly proportional to the trading activities. At the time of writing, Ripple token is at $0.7024, an increase of 7.31% within the last 24 hours.

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Source: TradingView

With this, the coming days may provide more understanding if this rise in network activity is just a short-term trend or a potential for long-term increase. The Ripple community and market participants will be keenly waiting for the trend of this increase in transaction volume to affect the future of XRP Ledger.

Meld Gold and XRP Ledger Unite to Digitalize the Gold Market

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Key Takeaways:

  • Meld Gold integrates with the XRP Ledger to digitize gold assets, enhancing liquidity and efficiency.
  • Digital tokens backed by physical metals provide secure trading with competitive pricing.
  • Real-time settlements and transparency are central to Meld Gold’s vision for the gold ecosystem.

Meld Gold has unveiled a transformative approach to the gold industry by leveraging the XRP Ledger (XRPL). Each token, starting with gold and silver, represents one gram of metal, with plans to expand to platinum and palladium.

This platform further enhances the efficiency of transactions and increases reach globally, thereby making transactions in gold easy and creating an optimized supply chain for the businesses as well as end-consumers. Meld Gold improves market liquidity by providing physical assets on a digital level.

The founder, Michael Cotton, claims that gold is a stable substitute for fiat in international transactions and saving, with seamless trading and settlement possible with XRP Ledger. It provides blockchain infrastructure that introduces real-time trading to reduce volatility in markets and improve prices for all market participants-from scrap suppliers to bullion dealers.

A Transparent and Secure Trading Platform

Meld Gold prioritizes transparency and security by implementing a unique audit and balance system that tracks the movement of both digital and physical assets. This patent-pending system will be automated shortly, but it allows users to take comfort knowing that every digital token is backed with an equivalent quantity of physical metal.

Investors have assured themselves that tokens are indeed attached to real-world commodities; hence, they gain trust in this network. The XRPL enables such a multi-layered gold industry ecosystem, which will enable Meld Gold to dominate payments, settlements, and financial infrastructure.

This ensures a seamless way to achieve fast and transparent transactions, lower costs, deliver better price efficiency, and place Meld Gold at the forefront of digital assets.

Revolutionizing Gold Investment with XRP Ledger

Meld Gold uses new digital certificates of gold and other precious metals in an effort to help bullion dealers, trade customers, and financial advisers move more efficiently. According to these certificates, holders are entitled to physical bullion, and the benefits of digital assets meet the security of tangible holdings.

By leveraging XRPL, Meld Gold offers superior pricing, liquidity, and market exposure for gold investment that is more approachable and in tune with today’s digital economy. However, this collaboration with the XRP Ledger is a great step in future-proofing the gold industry with an innovative, seamless solution that fits the changing requirements of global markets.

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New Horizons for XRPL: Codius Revival Set to Transform Smart Contracts

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Key Takeaways:

  • Codius aims to supercharge XRPL’s scalability and versatility by enabling off-chain smart contracts.
  • XRP Ledger’s ecosystem benefits from interoperability with other blockchains.
  • Language flexibility in Codius expands developer engagement across industries.

In a promising development for the XRP Ledger ecosystem, former Ripple CTO Stefan Thomas recently announced that he’s working on a new version of Codius, an open-source smart contract hosting platform.

First proposed back in 2014, Codius was intended to run decentralized applications, or dApps, with a more scalable and flexible model for executing contracts compared to traditional blockchain implementations.

The new version comes with the promise of solving major limitations in the blockchain world, with great potential for Ripple’s XRPL, mainly where there are high-speed and complicated transactions.

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Off-Chain Contract Processing for XRPL

One of the major features of Codius is that it offers the capability for off-chain contract processing, which would reduce the operational load on the XRP Ledger without sacrificing transaction speed.

The architecture enables the distribution of the load for computational tasks among many hosts; it creates a peer-to-peer network that can run a plethora of applications without slowing down the XRPL.

This will ensure scalability and a way to handle even complex smart contract logic for the ecosystem without overloading the XRP network.

Codius also introduces built-in billing for the operations of a contract whereby programs will be able to pay their way independently. This adds up to a more sustainable revenue model for hosting providers.

Features like these let even more sophisticated dApps run on top of XRP, further extending its functionality beyond microtransactions into broader applications across different industries while maintaining the XRPL’s high TPS metrics.

Cross-Chain Connectivity and Developer Flexibility

Unique to Codius is a blockchain-agnostic design: it would run on a multitude of different blockchain networks. This makes it an extremely popular tool for developers seeking to build decentralized applications that are able to communicate across several different blockchain networks and implement traditional payment systems.

This really falls in line with Ripple’s greater vision of the “Internet of Value.” Smart contracts can also be written in common programming languages, such as Java and C++. This allows more developer talent to contribute and get further hooked on the XRPL ecosystem.

As Codius reinforces the interoperability between chains, this positions the XRP Ledger as an essential intermediary in both cross-chain and cross-industry transactions, placing XRP at an important juncture in the internet economy.

This interoperability could trigger a higher flow in the transactions on the XRP Ledger and further attract a larger number of developers.

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Aurum Taps XRPL For Tokenizing $1B In Equity and Debt

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Key Takeaways:

  • Aurum Equity Partners launches a $1B tokenized fund on the XRP Ledger (XRPL), blending equity and debt.
  • Zoniqx’s tokenization technology will support global data centers across the U.S., UAE, Saudi Arabia, India, and Europe.
  • This development strengthens the RWA narrative, enhancing liquidity and compliance in financial markets.

Aurum Equity Partners, a prominent private equity firm, has unveiled a $1 billion tokenized equity and debt fund. It marks the world’s first fund of its kind, utilizing Zoniqx’s cutting-edge asset tokenization solutions on the XRP Ledger (XRPL).

It tokenizes real-world assets in order to build data centers across the United States, the UAE, Saudi Arabia, India, and Europe. The project utilizes an XRPL decentralized framework and thus essentially illustrates the extensive growing capability of blockchain technology in modern finance.

This will be supported by the TALM solution and the DyCIST protocol from Zoniqx, which in turn will help to convert Aurum’s financial instruments into tokenized assets, thus opening up liquidity and transparency across private equity and debt markets.

Ripple CTO Highlights XRPL’s Role in Tokenizing Private Equity

By applying Zoniqx’s technology, the tokenized fund provides increased liquidity to allow open secondary market opportunities to investors of that fund. In such a way, this framework will make the assets more accessible, allow their trading faster, and integrate them into global financial markets.

The data centers in different regions planned for better performance will have AI in operation, indicating that the project is ‘ESG focused and sustainable.’ Further, this infrastructure by Zoniqx ensures that tokens are aligned with international regulations, including AML and KYC, to ensure a safe environment for investments.

David Schwartz, CTO of Ripple, emphasized the importance of tokenizing private equity, noting how XRPL’s reliability offers a robust platform for managing real-world assets. He said:

Tokenizing private equity is another emerging use case in RWA, tackling the challenges of illiquidity and limited access in these markets. By using XRPL’s ability to process transactions efficiently and securely, Aurum and Zoniqx show how real-world assets can be managed more effectively by harnessing a decentralized blockchain.

Future Impact on Financial Markets

This development marks the movement toward using blockchain for solving problems such as those related to illiquidity in traditional finance. With the combined work of Aurum, Zoniqx, and XRPL, the project can be at the top of tokenization, while simultaneously allowing for future financial development.

This tokenized fund is going to shape the future of the financial markets while building momentum for global liquidity and compliance standards as the RWA narrative heats up.

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35,799 Unique Wallets: Ripple’s XRPL Sees Highest Activity in 3 Months

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Key Takeaways

  • XRP Ledger sees a spike in active wallets, reaching 35,799 in one day, its highest in three months.
  • Ripple could follow Amazon’s path to an IPO, opening doors to significant expansion.
  • Recent legal wins for Ripple may clear the way for a public listing.

Ripple’s XRP Ledger recently witnessed a remarkable surge in active wallets, reaching 35,799 unique wallets making transfers in a single day—the highest count in over three months.

On the same day, 3,858 new wallets were created, a figure that had not been reached in over seven months. These statistics clearly bring out the continuous growth of Ripple and how its blockchain network interests many regardless of the legal challenges faced by the project.

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Source: Santiment

This uptick in activity also coincides with growing speculation about the company’s future, particularly its potential IPO. A Ripple IPO has generated some excitement within the blockchain community since this could give it significant capital and legitimacy for its next growth phase.

Ripple’s Path to an IPO

Business leader Jake Claver recently intimated in an X post that the company might follow the path of Amazon’s 1997 IPO. He underlined how the previous history can set up Ripple with blockchain and fintech, saying that it is just great to enjoy a highly qualified public listing.

The company has managed to make a name for itself in the market by being able to facilitate faster, cheaper cross-border settlements while currently active in more than 300 financial institutions worldwide by utilizing its native token, XRP.

Although often compared with SWIFT, this potential IPO could see Ripple become one of the front-runners in tokenized assets or DeFi. However, upon Amazon’s IPO, the company received $54 million to extend into more markets.

Likewise, the company’s going public might provide it with the necessary capital to scale operations and tap other industries in blockchain, as evident in the recent acquisition that Ripple just made of Metaco, renamed Ripple Custody.

IPO or Direct Listing: What’s Next?

There are two major routes: going public means an initial public offering or a direct listing for the company. An IPO would mean the issuance of new shares to raise fresh capital with which it can scale faster and attain other markets, be it tokenized securities or simply DeFi.

On the other hand, a direct listing, not involving new shares, could be more attractive to the company, with its highly robust balance sheet holding more than $1.3 billion in cash.

Recent legal victories in the ongoing fight with the SEC may finally clear the way to go public. Much as Amazon’s IPO legitimized e-commerce, so too could a Ripple public listing do the same for blockchain technology and finance, putting regulators and banks that it’s a permanent fixture in the industry.

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XRPL Sees 5x Surge In Daily Active Addresses, TVL Hits 10.3M XRP In DeFi Milestone

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The XRP Ledger (XRPL) has witnessed unprecedented growth and activity, establishing itself as a dominant player in the blockchain space. In a recent analysis by renowned XRPL dUNL validator Vet, the XRP Ledger (XRPL) has been shown to experience an exceptional surge in on-chain activity between 2021 and 2022.

According to Vet, the daily active XRP addresses peaked during this period, reflecting a fivefold increase compared to Ethereum (ETH) in terms of user activity. This was despite XRPL being in its early stages with fewer builders, while Ethereum had a mature and expansive on-chain economy.

Vet emphasized that the spike in XRPL activity resulted from the ledger meeting a specific demand at that time. From having 10,000 active addresses, XRPL saw an organic rise to over 100,000 within just two to three months. This remarkable growth underscores the cryptocurrency space’s dynamic and rapidly evolving nature, where significant changes can occur almost overnight.

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Meanwhile, the decentralized finance (DeFi) landscape on XRP Ledger has been heating up. According to EchoeWeb, the total value locked (TVL) in its automated market makers (AMMs) has recently surpassed the 10 million XRP milestone. Vet highlighted this achievement in a post on social media platform X, building upon insights from Australian attorney Bill Morgan, who noted that XRP tokens locked in AMM pools had reached 5 million.

Drawing on DeFi analytics platform DeXfi data, Vet revealed that the assets secured in XRPL AMM pools have surged to 10.3 million XRP, equivalent to approximately $5.4 million. It marks a significant increase from the 7.4 million XRP TVL recorded in April, which included 3.7 million XRP.

XRPL AMM Growth: Locked XRP Increases by 1.49M in 10 Days

Importantly, the 10.3 million XRP TVL encompasses a diverse array of tokens secured within XRPL AMMs, including Bitcoin (BTC), USDC, Sologenic (SOLO), and Magnetic X (MAG). Of this total, 5.19 million XRP tokens, valued at around $2.7 million, are currently locked.

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Over ten days, the locked XRP in AMM pools increased by an additional 1.49 million, an increment of 40.27% from 3.7 million recorded in late April. Currently, the pool with the highest TVL is the MAG/XRP AMM pool, constituting 1.5 million XRP ($793,000), with the highest APY percentage at 9.75%, while the fee rate is 0.99%.

This rapid growth of the DeFi sector on XRPL, within a minimal period of just under two months from when AMM functionality was introduced, creates an opportunity for XRP holders to gain passive income, further solidifying an already fast-maturing role of the ledger in the cryptocurrency environment.

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XRP Ledger Celebrates Massive 12 Years Amid Major Technological Milestones

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XRP Ledger (XRPL), one of the largest cryptocurrency platforms, celebrated its 12th anniversary on June 2, marking the creation of 100 billion XRP tokens by Ripple Labs co-founder Arthur Britto in 2012. Despite this achievement, the initial days of the XRPL remain unclear due to a significant bug that wiped out early transaction history, making December 2012 the earliest point that can be traced.

Reflecting on this, Ripple CTO David Schwartz explained in December 2019 that during the initial development phase, numerous bugs had to be resolved, resulting in multiple resets of the ledger sequence and the unfortunate loss of early transaction data. Schwartz, alongside Britto and co-founder Jed McCaleb, began working on the XRP Ledger in late 2011, with Schwartz making his first significant code contribution in November 2011.

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This year, the XRPL has undergone significant advancements, most notably with the launch of the Automated Market Maker (AMM) feature. This upgrade is poised to enhance the ledger’s functionality and liquidity, a development that Ripple CEO Brad Garlinghouse has expressed considerable excitement about. The AMM feature is expected to revolutionize the way liquidity is managed on the XRP Ledger, marking a significant step forward in its evolution.

XRP Ledger AMM Surpasses 5 Million XRP Locked

Since the introduction of the AMM, the total amount of XRP locked has surpassed five million. Additionally, the number of active liquidity pools has exceeded 500, showcasing the growing adoption and utility of the XRPL within the decentralized finance (DeFi) space. The operator of the XRP Ledger’s decentralized Unique Node List (dUNL), known as Vet, highlighted on the social media platform X that with 500 pairs, the XRP Ledger has reached 25% of Uniswap V3’s total pairs, expressing optimism that trading volume and swaps will soon catch up.

The XRP Ledger’s journey from its inception to its current state is a testament to the resilience and innovation within the Ripple community. As the ledger continues to evolve, it remains at the forefront of DeFi, promising further advancements and adoption in the years to come. With its robust technological foundation and ongoing upgrades, the XRP Ledger is well-positioned to remain a pivotal player in the cryptocurrency and DeFi landscapes.

Ripple Dev Proposes Native Lending Protocol To Boost DeFi on XRP Ledger

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Today, Ripple made waves in the blockchain ecosystem as developers Aanchal Malhotra and Vito Tumas unveiled a groundbreaking proposal for a Native Lending Protocol on the XRP Ledger, seeking to push its DeFi limits. This means that the proposal is intended to transform the industry by providing direct access to borrowing and lending of digital assets by users thus doing away with unnecessary intermediaries while fostering financial inclusion, transparency, and efficiency.

The Ripple Lending Protocol: A Modular Approach

Among other things, it has a modular design at its core which helps in making it more flexible and reusable. It also introduces three key specifications: XLS-64d, XLS-65d, and XLS-66d, each having an important role in shaping the protocol’s functionality.

XLS-64d, known as Pseudo-Account, gives room for combining one pseudo-account with many ledger entries to make it easier to manage balances and issue tokens. Likewise, XLS-65d introduces an entirely new “Pool” ledger entry dedicated to a single tokenized asset pool. Lastly, XLS-66d continues from its predecessor by enabling Liquidity Providers’ assets management, bringing in off-chain underwriting on-chain agreements and loan management processes.

Evidently, Liquidity Providers put different kinds of fungible tokens into Lending Pool which is a moving system because it attracts interest while Pool Delegates watch over these pools obtaining capital and issuing loans. Negotiations regarding loan conditions between Borrowers and Pool Delegates are held outside the blockchain; however, they are recorded on it subsequently so as to bring about transparency and security.

Remarkably, the Lending Protocol enables fixed-term loans with preset interest rates, obviating the need for collateral through innovative risk management mechanisms and a first-loss capital protection scheme. Loans are meticulously managed through a dedicated ‘Loan’ ledger object, which handles all facets of loan transactions, from financing and withdrawals to payment schedules and default recovery.

In a bid to align incentives and mitigate risks, Pool Delegates have the power to offer first-loss capital as a result of which Liquidity Providers are shielded from default risks through a strong liquidation mechanism. For developers, the protocol’s modular architecture and extensibility offer an opportunity to create and integrate lending decentralized applications (dApps) on the XRPL, thus opening up countless use cases.

David Schwartz, also referred to as “Joel Katz,” and Ripple’s CTO, expressed his excitement about the proposal and stressed that it could bring new uses for the XRPL. Additionally, he points out that this lending protocol, together with native DEX, makes that infrastructure stronger because they are important pillars of it that provide more convenient financial services that are accessible as well as efficient and transparent. Now waiting for review and comments on the proposal by the community in eager anticipation of a new era in decentralized finance.

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XRP Ledger 2.1.0 Upgrade Initiates A New Era In Blockchain Evolution

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The Chief Technology Officer at Ripple Technologies, David Schwartz, popularly known as “JoelKatz” in the cryptocurrency community, has made an important announcement. Using his X (Twitter) handle, Schwartz called on XRPL validators and node operators to upgrade their system to version 2.1.0; this marks a crucial moment in developing the XRP Ledger protocol.

This call for action was made following the network’s official blog post introducing XRP ledger version 2.1.0. The latest release of rippled, which serves as a reference server implementation of XRP Ledger protocol, comes with very important improvements like bug fixes, build enhancements, and the introduction of fixNFTokenReserve & fixInnerObjTemplate modifications.

Among the key updates are two new amendments for voting in the XRP Ledger amendment process. The decentralized system only ensures protocol changes after more than 80% of support from trusted validators has been achieved over a period of two weeks.

The call for XRP Ledger server operators is to upgrade to version 2.1.0 by March 5, 2024, for uninterrupted service. However, the timing of protocol changes hinges on the collective voting decisions of a decentralized network, hence underscoring that blockchain governance is collaborative.

Additionally, the network provides detailed guidelines for installation or upgrading tailored for supported platforms. Those who want other options are advised to build from the source with the latest commit in the git log as their guiding light toward version 2.1.0.

Enhancements & Fixes For The XRP Ledger Ecosystem

However, looking deeper into the changelog, it clearly shows growing complexity. There are user-centric improvements like fixNFTokenReserve to enhance transaction transparency and behind-the-scenes bug fixes and performance optimizations that demonstrate Ripple’s commitment to moving forward in developing XRPL.

Furthermore, the network maintains an open collaboration culture, as seen in its public source code repository on GitHub. The community invites developers worldwide to make their contributions and join the mission of building the Internet of value.

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Nevertheless, Ripple is leading the way in blockchain development. The latest version of XRP Ledger, 2.1.0, signifies a new beginning for the company’s decentralized network, which will connect participants more effectively than before. Every time there is an upgrade, trust, transparency, and efficiency are given more base concepts to help push the dream of a borderless digital economy further.

RippleX Engineer Proposes Bold Overhaul for XRPL Foundation Governance

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David Fuelling, a well-known engineer at RippleX, has shaken up the XRP community by presenting a comprehensive proposal for the overhaul of the governance structure of the XRP Ledger Foundation (XRPLF). Fuelling took to X to announce his proposal, stating, “Yesterday, I published a proposal for updating the governance structure of the XRPL Foundation.”

Fuelling acknowledges the skepticism surrounding his motivations, responding humorously to questions like “why now?” and even addressing the rather unconventional query of “why are you so handsome?” He emphasizes that his proposal is not a criticism of the current XRPLF but rather a vision for its improvement, building upon the foundation’s existing structure.

The core motivation behind Fuelling’s proposal is to address the perceived dissatisfaction within the XRPL community. Over the years, he observed a sentiment among community members that their voices were not being heard, hindering their ability to impact XRPL affairs. Fuelling sees the XRPLF as an ideal platform to experiment with solving these issues, given its role as a neutral and fair representative within the community.

Personal Proposal, Not Ripple’s Stand

Fuelling clarifies that his proposal is a personal contribution and not an official statement from Ripple. He emphasizes the need for a clear membership and sustainable donation models for the XRPLF, proposing solutions to both in his vision.

Despite the public nature of his proposal, Fuelling reveals that he did share it with multiple leaders at the XRPL Foundation and other long-time XRPL developers before publishing. He defends his decision to conduct the bulk of the work publicly, seeking open and diverse input.

David “JoelKatz” Schwartz, CTO at Ripple, expressed appreciation for Fuelling’s public clarity, affirming that the XRPLF was receptive to the proposal. Schwartz highlights the proposal as a “straw man” designed to stimulate open dialogue and gather diverse suggestions. He emphasizes that there is no pressure to adopt the proposal as-is, presenting it as a starting point for collaborative refinement and exploration.

However, with the endorsement from key figures like David Schwartz, it appears that Fuelling’s initiative is gaining traction and could lead to positive changes in the governance structure of the XRP Ledger Foundation.

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