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Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
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  • The ripple flow from cryptocurrency exchanges is escalating as the influx of top cryptocurrencies increases.
  • The altcoin has recently suffered a price drop, losing 13% of its value in two weeks.
  • Analysts believe that the Ripple price may bounce back from the support and go back up.

Proponents believe that the Ripple price could bounce back as the altcoin continues to leave the exchanges. The altcoin has posted steady gains despite the ongoing legal battle against the SEC over the past year. The SEC vs. Ripple case negatively impacted altcoin’s social dominance.

Ripple price prepares to bounce as XRP leaves exchanges

In the ongoing legal dispute between the Securities and Exchange Commission (SEC) and Ripple, proponents believe the global payments giant is close to winning. Experts have predicted that a win in the SEC case against Ripple could lead to an upward rally in the altcoin price.

With the increase in the flow of cryptocurrencies to exchanges, Ripple tokens continue to leave. Supporters have noticed an increase in the influx of Ripple from the top cryptocurrency exchanges.

XRP whales are moving their funds out of exchanges as the influx of Bitcoin and Ethereum increases. Two large transfers of Ripple from exchange wallets were observed. WhaleAlert, a tracker of transactions by whales (large portfolio investors), has recorded 162 million XRP transferred from Nexo.

Large transactions on Nexo caused the price of XRP to drop.

CanteringClark, a crypto analyst and trader, believes that Bitcoin’s performance in 2021 has been disappointing. The Ripple price recorded a gain of 275.5% over the past year.

FXStreet analysts assessed the price trend of Ripple. Analysts expected the altcoin to reach $1. Based on their analysis, indicators revealed that the Ripple price could start an upward trend.

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