Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
- Ripple outflow from crypto exchanges climbs as the inflow of top cryptocurrencies increases.
- The altcoin recently suffered a price drop, losing 13% of its value within two weeks.
- Analysts believe that Ripple price could bounce from support and make a comeback.
Proponents believe that Ripple price could bounce back as the altcoin continues leaving exchanges. The altcoin has posted consistent gains despite the ongoing legal battle against the SEC over the past year. The SEC vs. Ripple case has negatively impacted altcoin's social dominance.
Ripple price prepares for bounce as XRP leaves exchanges
In the ongoing legal spat between the Securities & Exchange Commission (SEC) and Ripple, proponents believe the global payments giant is closer to winning. Experts have predicted that a win in the SEC vs. Ripple case could trigger a bull run in the altcoin's price.
As cryptocurrency inflow to exchanges increases, Ripple tokens continue leaving. Proponents have noted a spike in Ripple outflow from top cryptocurrency exchanges.
XRP whales are moving their funds out of exchanges as the inflow of Bitcoin and Ethereum increases. Two large transfers of Ripple from exchange wallets were noted. WhaleAlert, a tracker of transactions by whales (large-wallet investors), recorded a 162 million XRP being moved out of Nexo.
The large transactions on Nexo triggered a drop in XRP price.
162,122,000 #XRP (138,172,383 USD) transferred from #Nexo to unknown wallethttps://t.co/C3yJeB6lt1
— Whale Alert (@whale_alert) December 29, 2021
@CanteringClark, a crypto analyst and trader, believes that Bitcoin performance in 2021 was underwhelming. Ripple price posted 275.5% gains over the past year.
Truth
— Ryan Cantering Clark (@CanteringClark) December 28, 2021
Aside from being a good trading vehicle and the gold of your crypto portfolio, Bitcoin performance this year was underwhelming.
It was a 2x leveraged ETF on the S&P and is now underperforming.
For perspective, everyone loves to rag on $XRP holders.
They are up 5x more. pic.twitter.com/4av5N0AIr2
FXStreet analysts evaluated the Ripple price trend. The analysts have predicted that the altcoin could hit $1. Based on their analysis, indicators have revealed that Ripple price could start an uptrend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
