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San Francisco-based blockchain juggernaut Ripple has published a post on its official X account to spread the word about receiving official recognition from U.S. authorities in a socially important sphere.
In the meantime, the third-largest cryptocurrency, XRP, has made another attempt to recover after the massive recent decline.
Ripple recognized by SF Business Times and U.S. authorities
According to the above-mentioned X post, SF Business Times has recognized Ripple’s extensive role as one of the top corporate philanthropists in the Bay Area of San Francisco.
To add to that, Ripple published a link to its annual Impact Report for the previous year, 2024. In particular, the report mentions that in 2024, the company assisted with funding for more than 70 universities and nonprofit organizations. More than half of those received multi-year financial support from Ripple.
Besides, Ripple has committed 1% of its profits to important issues, which include expanding blockchain-based innovation, which helps to expand financial services in a local area. Also, Ripple usually responds when natural disasters take place and provides necessary XRP donations to such organizations as World Central Kitchen in order to support communities that have suffered from Hurricanes Helene and Milton.
20,000,000 XRP leaves Upbit as XRP recovers
According to major blockchain sleuth Whale Alert, which tracks down large cryptocurrency transactions, earlier today, the largest crypto exchange in South Korea, Upbit, faced a massive withdrawal of 20,000,000 XRP.
This was the equivalent of $60,585,668, and these funds were shoveled to an anonymous cryptocurrency wallet. Frequently, such transactions with the participation of large exchanges and wallets tagged by Whale Alerts as unknown are in reality internal transactions conducted by these exchanges. However, this time, there is no data to confirm that.
Meanwhile, the Ripple-affiliated cryptocurrency, XRP, has demonstrated a 2.43% increase over the past 24 hours. Currently, the coin is changing hands at $3.07. Last week, XRP recovered from a massive decline of 13% and pared its losses, adding 11.31% between Saturday and today.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team