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.
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.