• GME Remittance of South Korea joins RippleNet, XRP price rallies in response.
  • XRP seems to be decoupling from Bitcoin as it continues to rally with 9% daily gains.
  • Former Ripple CTO Jed McCaleb has sold nearly $80 million worth of XRP; further selling may lead to correction.

XRP price breaks past $1, prolonged price rally likely

RippleNet, a remittance network created by Ripple Labs, recently announced its expansion in South Korea through a partnership with one of the largest non-bank remittance providers, Global Money Express Co. Ltd (GME Remittance). RippleNet connected GME Remittance and Thailand's largest commercial bank Siam Commercial Bank (SCB), through the distributed ledger. 

The Asia Pacific region is one of the fastest-growing areas for Ripple, where transactions have increased 130% every year. Investors are bullish since the new partnerships in Asia increased the scope for XRP's utility. 

The sixth-largest cryptocurrency by market capitalization has rallied 9% in the past 24 hours and 36.6% in the past week. It seems like Ripple's partnership with GME is one of the factors driving prices higher. 

XRPUSD Price chart

XRPUSD Price Chart

Following the recent rally, XRP's correlation with Bitcoin and other altcoins like Ethereun and Litecoin  dropped, based on data from Cryptowatch. The altcoin's correlation with BTC dived to 0.55 after the consistent gains. 

Further decoupling from Bitcoin is likely to fuel the bullish narrative since XRP is currently consolidating. 

Nonetheless, the uptrend  could be impacted by former Ripple CTO Jed McCaleb's decision to sell nearly 57 million XRP. As part of an official agreement where McCaleb receives portions of this token as compensation for a settlement, on August 1, Ripple transferred 182.3 million XRP to McCaleb's wallet address. 

Over the past two weeks, McCaleb sent nearly 80 million XRP to cryptocurrency exchanges to convert the altcoin to fiat. On-chain data shows McCaleb made 17 transfers within 14 days, carrying 4.4 to 6.5 million tokens each. 

Based on previous instances, McCaleb is likely to transfer the remaining balance of XRP tokens from his "tacostand" wallet to exchanges soon. An increase in the supply of XRP on exchanges could interrupt the recent rally and lead to a steep correction. 

As of now Ripple's former CTO holds 640.04 million XRP, worth roughly $608.38 million, in his wallet after sending 6.5 million XRP to exchanges consecutively every day. 

Jed McCaleb's tacowallet

Jed McCaleb's XRP tacowallet

XRP recently crossed a key support level to hit $1. It is likely that the price rally that started after the breakout on Saturday will continue. After sideways movement over the past few days, XRP price is set to advance another 30%.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

More Ethereum News
Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.

More Bitcoin News
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD. 

More Ripple News
Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP