The blockchain-based company Ripple Labs announced a donation of $100,000 worth of XRP (CRYPTO: XRP) tokens on Tuesday to support the wildfire relief efforts in California.

What happened: The San Francisco-headquartered fintech firm said on X that the contributions will be facilitated through philanthropic organizations like The Giving Block, World Central Organization, and GiveDirectly.

Donations made through The Giving Block will be matched 1:1 by Jared Isaacman, founder and CEO of the non-profit's parent company, Shift4.

Matching donations doubles the amount provided by an individual or organization. In this case, the contributions will be matched 1:1 until the $1 million mark has been met. 

While donations will be accepted even after the $ 1 million mark, they won't be eligible for the match.

President Joe Biden has announced a one-time payment of $770 for victims of the ongoing California wildfires.

Meanwhile, the XRP token rallied to a 7-year high on Tuesday, just 17% shy of its all-time highs. The upsurge was supported by strong demand from whales, who own 37% more XRPs than they did two months ago, according to on-chain analytics firm Santiment.

Price Action: At the time of writing, XRP was exchanging hands at $2.82, up 10.86% in the last 24 hours, according to data from Benzinga Pro.

Image via Shutterstock

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