Ripple, a blockchain company based in San Francisco, has donated $100,000 worth of XRP to help California wildfire relief efforts. The funds will support nonprofit organizations like World Central Kitchen and GiveDirectly. These organizations provide meals to first responders and direct financial help to people affected by the disaster. The donation will be managed through The Giving Block, a platform that allows charities to accept cryptocurrency.
Ripple donated $100k worth of XRP to help California wildfire relief. Source: XThe wildfires have caused widespread destruction. They have displaced thousands of people, destroyed over 12,000 structures, and claimed at least 24 lives. The economic loss is estimated to be between $250 billion and $275 billion, making this one of the most costly wildfire outbreaks in U.S. history. Areas like Malibu and other prestigious neighborhoods have been heavily impacted. President Joe Biden announced a one-time payment of $770 for victims to assist with their recovery.
Ripple’s Had Earlier Donated RLUSD
This donation is not Ripple’s first effort to help with wildfire relief. Last week, Ripple donated $50,000 of its stablecoin RLUSD to the Los Angeles Fire Department Foundation (LAFDF). This contribution supported first responders working on the frontlines. The Giving Block, which Ripple partnered with for the donation, is matching contributions dollar-for-dollar up to $1 million. This doubles the impact of donations made for wildfire relief.
Ripple has a track record of supporting various causes. During the COVID-19 pandemic, the company donated $200,000 to nonprofits helping communities in need. Recently, Ripple also contributed $1 million to John Deaton’s Senate campaign. This donation aimed to challenge Senator Elizabeth Warren, a known critic of the cryptocurrency industry.
Other Firms Also Contributed to the Wildfire Relief
Apart from Ripple, several other companies and individuals are also helping with the wildfire recovery. Airbnb, Walmart, Disney, and Verizon have all made contributions. The entertainment industry has also responded. Sony Music Group and Universal Music Group canceled Grammy-related events to redirect resources to wildfire victims. Celebrities like Eva Longoria donated seven figures to support relief efforts.
XRP Price Rose 12% In The Last 24 Hours
While providing aid, Ripple is also making progress in the crypto market. On Tuesday, XRP’s price rose by 5%. Analysts from JP Morgan predict that XRP ETFs could attract up to $8.4 billion in inflows within the first year if approved by the SEC. Ripple’s XRP token is now targeting a price of $2.86, moving closer to its all-time high of $3.84 in 2018.
Ripple is currently involved in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC plans to file an opening brief on Wednesday as part of its appeal in the Ripple vs. SEC case. Ripple’s chief legal officer, Stuart Alderoty, said the company requested an extension for the filing, but the SEC rejected it. If the SEC fails to file the brief by the deadline, the previous ruling, which was in Ripple’s favor, will stand.
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