Cryptocurrency “Jed McCaleb Receives $ 80 Million From XRP (Ripple)

  • Former Ripple CTO Jed McCaleb sold XRP cryptocurrency for nearly $ 80 million; further sales may lead to an adjustment.
  • South Korea’s GME Remittance joins RippleNet as XRP prices rebound in response.
  • Cryptocurrency XRP appears to be decoupling from bitcoin as it continues to rise with a daily gain of 9%.

XRP Price Exceeds $ 1, Probable Continuous Price Increase

RippleNet, a money transfer network created by Ripple Labs, recently announced its expansion to South Korea through a partnership with one of the largest non-bank money transfer 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 in Ripple, where the volume of transactions is growing by 130% annually. Investors are optimistic as new partnerships in Asia have increased the availability of XRP cryptocurrency.

The sixth largest cryptocurrency by market cap has surged 9% in the last 24 hours and 36.6% in the last week. It looks like Ripple’s partnership with GME is one of the drivers behind the price hike.

Ripple Chart (XRP / USD) 4 hours

According to Cryptowatch, XRP’s correlation with Bitcoin and other altcoins such as Ethereum and Litecoin has plummeted following the recent rally. Ripple’s XRP correlation with Bitcoin fell to 0.55 after a steady rise.

Further splitting of bitcoin is likely to fuel bullish sentiment as XRP is currently consolidating.

However, the uptrend could be influenced by the decision of former Ripple CTO Jed McCaleb to sell nearly 57 million XRP. As part of the formal agreement under which McCaleb receives a portion of this token as compensation for the settlement, Ripple transferred 182.3 million XRP to McCaleb’s wallet address on August 1.

Over the past two weeks, McCaleb has sent nearly 80 million XRP to cryptocurrency exchanges to convert altcoins to fiat. Online data shows McCaleb completed 17 transfers in 14 days, each bringing in between 4.4 and 6.5 million tokens.

Based on previous cases, McCaleb is likely to move the remaining balance of XRP tokens from his “tacostand” wallet to exchanges soon. An increase in XRP supply on exchanges could stop the recent rally and trigger a sharp correction.

The former Ripple CTO currently holds 640.04M XRP worth about $ 608.38M in his wallet after sending 6.5M XRP to exchanges daily.

Jed McCaleb’s Takovallet XRP

cryptocurrency xrp ripple sale 12082021The price of the Ripple XRP cryptocurrency recently broke through a key support level and reached $ 1. It is likely that the price rally that began after Saturday’s breakout will continue. After the sideways movement over the past few days, the XRP cryptocurrency price is expected to rise another 30%.

Ekta Murja, FXStreet

Ekta Murja is currently pursuing an MBA in Finance. She has been working in the cryptocurrency industry since 2017. She has held positions in the marketing team of major Indian cryptocurrency exchanges Koinex and CoinDCX. She is interested in intraday trading and the derivatives market.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move carries a risk, so you must do your own research when making a decision.

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Denial of responsibility: The information and opinions contained in this report are for general information only and do not constitute an offer or offer to buy or sell foreign exchange contracts or CFDs. Although the information contained in this document has been taken from sources believed to be reliable, the author does not guarantee its accuracy or completeness and is not responsible for any direct, indirect or consequential damages that may arise as a result of reliance on someone else. such information.

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