• 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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP