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  • On top of the $80 million, Ripple has committed to social impact programs, the company has added $25 million more.
  • Ripple for Good will work closely with Ripple Works.
  • Ripple price battles to defend the support at $0.52.

Ripple is in the headlines again for announcing a program it has dubbed Ripple for Good. The San Francisco-based digital company is known for developing modern financial solutions that enable cheaper, faster cross-border and micropayment transactions. The company says that Ripple for Good primary focus is on education as well as financial inclusion.

Ripple currently has already committed $80 million in other social projects. In addition to that, the company is pumping $25 million more in donations. At the moment, Ripple is carrying out assessments on various projects from which it will pick those to allocate the resources to. The blockchain technology company has indicated from time to time that education is the key to innovation, especially in STEM and FinTech. Ripple for Good goal is to touch on real-world use cases while ensuring that social impact and scalability are achieved. Ken Weber, Head of Social Impact for Ripple said in regards to the announcement and the new direction Ripple is taking:

“When we reflected on the unique role Ripple could play from a social impact standpoint, we kept landing on the idea that the benefits of these new technologies should reach as many people as possible.” He added, “If we are truly committed to transformative global change, we will work to help ensure that innovations in banking and global payments are available everywhere to everyone, among unbanked and underbanked populations and in economies and economic sectors that serve the greater good. Our goal is to deliver on the promise of an Internet of Value for all.”

Furthermore, Ripple for Good will work closely with Ripple Works; the non-profit organization that was co-founded by one of Ripple’s co-founders Chris Larsen and Doug Galen. Ripple Works is known for its contribution its contributions in supporting social ventures, financial inclusion as well as education.

Ripple technical picture

Ripple is exchanging hands in a contacting triangle on the hourly chart. The support discussed earlier today $0.52 is offering refuge to the bulls who seem to be losing grip. Ripple has been correcting lower on Friday 28 and has broken past the support at $0.54. The upside retracement towards the close of the session on Thursday failed to cover ground above $0.555 allowing sellers to enter. If $0.52 gives in to the selling pressure, Ripple is likely to break down further.

XRP/USD 60-minutes chart