• 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Polkadot price to return to $40 if near-term support holds

Polkadot price has substantially recovered since hitting a low of $23.95. A return above the $30 level gives buyers and long-term hodlers significant psychological support that Polkadot may, again, move higher. Polkadot price faces near-term ...

More Polkadot news

VeChain recovery to $0.13 is crucial to reignite VET bull market

VeChain price has recovered roughly 40% of the losses it has had since the flash crash this past Saturday. A strong recovery looked very likely, but recent price action has shown there is a struggle to move higher and that bulls may be losing faith.

More VeChain news

These cryptos could post triple-digit gains by the end of the year

As Bitcoin struggles to recover from the drop on December 4, altcoins continue posting double-digit gains overnight. Based on their price trend, Terra, MATIC and Chainlink could post triple-digit gains before the end of the ongoing bull run. 

More Bitcoin news

Top 3 Price Prediction: Crypto market dazed post flash crash

Ethereum price had a spectacular Saturday close on the daily chart, closing above the dominant interior trend line (black diagonal line). Then, on Sunday and Monday, Ethereum continues to press on higher with closes above the Tenkan-Sen and ...

More Ethereum news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis