The war between Russia and Ukraine wrought detrimental effects on both the Russian and world economies. This war also prompted other NATO countries to establish strict sanctions for Russian President Vladimir Putin.
One of the most significant impacts of this sanction is the exclusion of Russia from any western financial institutions. One of the sanctions entailed excluding Russia from SWIFT, the main network between global financial institutions.
Cryptocurrency investors and traders saw this change as an opportunity for digital currency to compete with SWIFT.
Thus, Ripple (XRP) prices rose to $0.78823, a 10.24% increase since February 25, 2022. Since then, traders and investors have remained bullish about Ripple prices as it recovers from its previous support area of $0.75. Investors and traders are now keeping a close eye on the $0.80 and $0.96 levels as future levels of support.
Other digital currencies also experienced significant gain because the SWIFT decided to exclude Russia.
For example, Bitcoin experienced an 8% increase last Tuesday, trading at $43,800 from the previous $35,000 before Russia invaded Ukraine.
Nevertheless, the public saw the importance of cryptocurrency, especially in its role in the Russia and Ukraine conflict. People supported Ukraine by transferring millions of dollars through cryptocurrencies, raising almost $15 million for the Ukrainian troops.
Ukrainians rely on cryptocurrency rather than traditional banks to avoid surveillance from opposing forces. Relying on an anonymous system would make it easier for Ukraine to accept donations between neighbouring countries.