Connect with us

Ripple

Will Ripple’s $1M donation to Ukraine help XRP go up the price chart

Published

on

Source: Unsplash


XRP has been decreasing in value since 6 September 2021. In fact, on 20 January 2022, the token went down further to reach its long-term support at $0.5812. The selling pressure dominated XRP for more than seven days. However, on 4 January, the token saw demand kick in. Consequently, the price increased to its month-long resistance at $0.9102.

At press time, the sixth-largest cryptocurrency was trading at $0.7342, with a 2.34% price correction in the last 24 hours. Irrespective of its price performance, it’s important to note that Ripple firm on 4 March donated $1M to aid Ukrainian families.

Mission Freedom 

The crypto community has been making an effort to aid Ukraine as the country withstands an invasion of its territory from the Russian Federation. Outnumbered and outmatched in terms of military force, the Ukrainian government accepted aid from anyone willing to lend it.

In that context, the biggest recipient of crypto donations appears to be the “Reserve fund of Ukraine,” backed by the country’s native cryptocurrency exchange, Kuna. According to its official Telegram channel, the exchange raised approximately $13 million in crypto for Ukraine, mainly through BTC, ETH, and USDT.

Ripple’s chief executive, Brad Garlinghouse condemned Russia’s invasion of Ukraine. Reiterating the aforementioned tweet, he aimed to collaborate with exchanges, NGOs and the global XRP community in order to provide maximum support to the affected nation.

Well, more than 102,000 crypto asset donations, totaling $54.7 million, have gone to the Ukrainian government so far. Binance, Coinbase, and other prominent exchanges have also contributed their share.

Instant Karma

Do good and good will come to you.

This was indeed the case with Ripple and the digital token. XRP’s price witnessed an impressive uptick since February 2022. In the past week alone, it had a 6% bump in its price action. In fact, XRP’s 1-week social activity signaled a bullish scenario following the aforementioned development.

The 1-hr, as well as 24-hr active address metric, showed a massive rise on Santiment’s chart. This uptick indicated an increase in investors’ interest for XRP at the current price levels. Higher active addresses don’t sound like a bullish bugle. However, more often than not, a spike in the active address count is followed by a price pump. At this point in time, some analysts might consider that XRP is ready to move higher.

Source: Santiment

Well, the bullish narrative might not hold true for XRP since the number of transactions executed had declined quite significantly 0n 4 March. In fact, even after the $1 million donation announcement, XRP didn’t witness any positive price action.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.