The ideal $I^{ec}$ is bigger than the ideal $I$. This is why:
Take an element $f \in I$. This element is by definition of $I$ divisible by $X^3$, which means it's of the form $X^3g$ for some $g\in R$. Now, in $I^e$, the element $f$ becomes $\frac{f}{1} = \frac{X^3g}{1}$. I claim that this is equal (in $R_p$) to $\frac{0}{1}$. By definition of localization, two elements $\frac ab$ and $\frac cd$ are equal if there is an element $s$ in the multiplicative system such that $s(ad - bc) = 0$ In our case, we're looking for an $s \in R\setminus [X]$ such that
$$
s(f\cdot 1 - 1 \cdot 0) = 0\\
sf = 0\\
sX^3g = 0
$$
But $Y$ is in the complement of $(X)$, so it's a valid $s$. We see that since $XY = 0$ in $R$, this makes $YX^3g = 0$. Since this works for any $f \in I$, we've shown that $I^e = \left(\frac 01\right)$ is the zero ideal in $R_p$. Consequently, the ideal $I^{ec}$ is the kernel of the localization, which is $(X)$.
The moral is: Whenever your localization inverts a zero divisor (in this case $Y$), all elements that are killed by that zero divisor becomes $0$ in the localization. It is, in fact, the only way localization can fail to be injective.