RIM just submitted a proposal to contribute Ripple to Apache Software Foundation. Dan mailed the proposal to the Incubator General Mailing List and Gord hosted the formal proposal (at GitHub, of course :)).
The project will follow the ASF Incubator Process. The ASF champion for the project is ASF Board Member Ross Gardler (firstname.lastname@example.org). As of this writing project mentors are Jukka Zitting (email@example.com) and Christian Grobmeier (firstname.lastname@example.org), both ASF Members.
Both proud parents are doing well. We will provide regular updates on how the baby grows.