- South Korean remittance firm GME joins RippleNet and XRP price hikes in response.
- XRP appears to be decoupling from Bitcoin as it continues to rise with 9% daily gain.
- Jed McCaleb, former Ripple CTO, has sold nearly $80 million in XRP; More selling may lead to a correction.
XRP price crossed $1, price rally likely to continue for a long time
RippleNet, a remittance network set up 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 has connected GME Remittance and Thailand’s largest commercial bank, Siam Commercial Bank (SCB), through a distributed ledger.
The Asia Pacific region is one of the fastest growing regions for Ripple, with transactions increasing by 130% every year. Investors are bullish as new partnerships in Asia increase the scope of XRP’s interest.
The sixth largest cryptocurrency by market capitalization is up 9% in the past 24 hours and 36.6% in the past week. Ripple’s partnership with GME appears to be one of the factors driving prices higher.
XRPUSD Price Chart
After the recent rally, XRP’s correlation with Bitcoin and other altcoins like Ethereun and Litecoin has declined, based on data from Cryptowatch. The altcoin’s correlation with Bitcoin dropped to 0.55 after continued gains.
Further decoupling from Bitcoin is likely to fuel the bullish narrative as XRP is currently consolidating.
However, the upside may be affected by Jed McCaleb, former CTO of Ripple’s decision to sell close to 57 million XRP. As part of a formal agreement where McCaleb will receive 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 has sent nearly 80 million XRP to crypto exchanges to convert the altcoin into fiat. On-chain data shows that McCaleb made 17 transfers within 14 days, each carrying 4.4 to 6.5 million tokens.
Based on previous examples, McCaleb will likely transfer the remaining balance of XRP tokens from his “tacostand” wallet to exchanges soon. An oversupply of XRP on the exchanges could interrupt the recent rally and lead to a sharp correction.
As of now, the former Ripple CEO holds 640.04 million XRP, worth approximately $608.38 million, in his wallet after sending 6.5 million XRP to exchanges in a row each day.
Jed McCaleb’s XRP tacowallet
XRP recently broke through a major support level to reach $1. The price rally that started after Saturday’s breakout is likely to continue. After a sideways movement over the past few days, XRP price is set to advance by another 30%.