As XRP continues to leave exchanges, Ripple supporters believe the altcoin’s price could bounce back. The altcoin has recorded consistent gains over the past year despite the ongoing legal battle against the SEC. The SEC and Ripple lawsuit has negatively impacted the altcoin’s social dominance.
In the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple, advocates believe the global payments giant is closer to winning. Experts predict that a win in the SEC and Ripple case could trigger a bull run in altcoin price.
In addition, while the inflow of cryptocurrencies to the exchanges increases, Ripple tokens continue to leave. Supporters noted a surge in Ripple exit from leading cryptocurrency exchanges. XRP whales are pulling their funds from exchanges as Bitcoin and Ethereum inflows increase.
Two major Ripple transfers were recorded from exchange wallets. WhaleAlert, which monitors the transactions of whales (large wallet investors), noted that 162 million XRP was moved from Nexo. 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 Bitcoin’s performance in 2021 is overwhelming. However, he points out that the price of Ripple has increased by 275.5 percent compared to last year.
truth
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
— Ryan 🐎 Cantering Clark (@CanteringClark) December 28, 2021
Some analysts also predict that Ripple could reach $1. If these predictions come true, Ripple price may bounce off support and bounce back.
$XRP https://t.co/QvtMgYMdPT pic.twitter.com/8fy3FoUjQh
— Can Ozsuer (@canozsuerx) December 28, 2021
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.