Monday, April 15, 2024
Altcoins

Ripple Provides $1 Million In XRP For Earthquake Relief In Turkey And Syria

Ripple announced today that it will join other crypto industry companies in providing funds for earthquake victims in Turkey and Syria. In a tweet, Ripple wrote that it will provide $1 million in XRP to support NGOs.

The company, which is awaiting the judge’s decision in its legal battle with the U.S. Securities and Exchange Commission, will donate $250,000 in XRP, the equivalent of about 654,000 XRP, and will also match all crypto donations 2:1, up to $750,000.

Ripple Joins Other Crypto Donors

The move by Ripple is part of an effort to encourage members of the crypto community to donate to earthquake relief as well. The announcement comes less than two weeks after the 7.8-magnitude earthquake that struck Turkey and Syria on February 6. The death toll has since risen to more than 36,000.

In addition, the earthquake also destroyed people’s property and livelihoods. The donations will support four NGOs and will be evenly distributed among CARE, World Central Kitchen, Mercy Corps and the International Rescue Committee (IRC).

The NGOs are helping affected communities in Syria and Turkey by providing immediate cash, basic items such as household kits, dignity kits for women and girls, hygiene items and more.

CARE is providing food, shelter, hygiene kits, heating supplies and cash. World Central Kitchen is on the ground in Turkey and Syria distributing hot meals to survivors and first responders. For this, they work with field kitchens, local chefs, restaurants and food trucks.

Mercy Corps has been working in Syria since 2008, delivering relief supplies. IRC provides cash, hygiene items, health services, and safe spaces for women and children.

As Bitcoinist reported, Ripple is not the only crypto donor. Ethereum co-founder Vitalik Buterin donated 99 ETH worth about $150,000 to the NGO Ahbap on February 11. Shortly after, he donated another 50 ETH worth $75,000 to Anka Relief.

Within the Tezos community, the #TezQuakeAid initiative has formed, which has raised 50,000 XTZ. The Tezos Foundation has recently stated its willingness to support the transfer to NGOs.

XRP Price Today

At press time, XRP was trading at $0.3833, which is below the 50-, 100-, and 200-day exponential moving average (EMA) on the daily chart. The 200-day EMA is currently at $0.4153. To set a first bullish impulse, the break above this level will be crucial.

Within the last 24 hours, the XRP price managed to gain around 4%, driven by the broader sentiment in the crypto market following the CPI release. Whether these gains are sustainable remains to be seen, as fears about a “higher for longer” interest rate policy from the U.S. Federal Reserve rose with yesterday’s data.

XRP price below 200-day EMA, 1-day chart | Source: XRPUSD on TradingView.com

Featured image from Mahmoud Sulaiman / Unsplash, Chart from TradingView.com

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