 Unlike other rural settlements in Chukotka such as Alkatvaam in Beringovsky District and Tavaivaam in Anadyrsky District, following the collapse of the Soviet Union and payments to the farms from the government effectively ceased as Russia moved to a market economy, the workers on this farm were able to keep their reindeer herds going and these herds are still the major source of employment for the local people, despite living on the coast.As with many Chukotkan villages, there are strong efforts made to keep the traditions of the indigenous peoples alive and although Ryrkaipiy has modern facilities in the shape of a hospital, post office, high school and daycare centre there is also a traditional Chukchi ensemble and cultural centre and Northern Star Native Women's Club.Towards the end of November 2017, the village received coverage in international news when the sudden death of a large amount of walrus, and the subsequent drift of the corpses towards the village, attracted a large number of polar bears, causing a state of high alert with children forbidden from walking to school and public events cancelled after one bear broke a window in a house.