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McCaleb Cashes out After the $1-Price – XRP Steals the Spotlight From BTC

Gaurav Roy by Gaurav Roy
August 13, 2021
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California, USA – Jed McCaleb, the former CTO of Ripple, sends about 80 million XRP to different crypto exchanges, converting altcoin to money. XRP ascends as BTC stumbles down to a market capitalization of $47k.

Ripple declared its expansion in the South Korean market after the partnership with Global Money Express Co. Ltd or GME Remittance, one of the biggest remittance service providers in the world. Through RippleNet, the network Ripple Labs created, the connection is established with GME Remittance, and it’s also tapping the biggest commercial bank in Thailand along, Siam Commercial Bank or SCB.

The performance of XRP in the past few weeks led to a rally of 9% in its market capitalization, with 36.6% in the previous week. The partnership was one factor in leading the trading price of this cryptocurrency to over $1.

McCaleb Cashes out After the 1-Price XRP Steals the Spotlight From BTC
XRP shines as BTC’s market capitalization drops to $45 from $47

 

With the previous performance of this cryptocurrency, it stole the spotlight from Bitcoin (BTC) as BTC pulled back from $47k. In the past 24 hours, it’s been 2% down, leading to a market capitalization of about $45 200. Also, the change in the performance made the previous CTO of Ripple, Jed McCaleb, sell about 57 million XRP.

McCaleb had portions of XRP as his compensation after leaving the company, and on August 1, the company sent 182.3 million XRP to his wallet address. In the previous two weeks, he transferred about 80 million XRP to digital asset exchanges. As per FX Street, he had 17 transfers in 14 days, having 4.4 million to 6.5 million per transfer.

McCaleb can do another transfer from his “tacostand” wallet to crypto exchanges again. Now, he has 640.04 million XRP after his consecutive transfers daily.

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: AsiaBitcoincommercial bankcrypto adoptioncrypto marketcryptocurrencydigital assetfiatpartnershippaymentremittanceThailandtradingtrading price
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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