Supporters believe that if Ripple continues to exit Exchanges, the price could rebound. Despite ongoing lawsuits with the SEC that started last year, the altcoin continued to rise. The SEC vs Ripple case had a negative impact on the social dominance of altcoin.
Ripple Prepares to Rebound As XRP Moves Out of Exchanges
According to a report on December 29, WhaleAlert, a tracker of transactions by the whale (large wallet investors) recorded 162 million XRPs that have been moved out of Nexo.
As the inflows of Bitcoin and Ethereum increase, XRP whales are transferring their funds from exchanges. Note that Ripple has been transferred twice from the Exchange wallet. The big deal on Nexo dropped the XRP price.
In the ongoing legal battle between the SEC and Ripple, supporters believe the global payments giant is closer to winning. Experts predict that winning the SEC and Ripple cases could spark a bull market in altcoin prices.
As the number of cryptocurrencies flowing into the exchange increases, Ripple tokens keep going out. Supporters have noticed a surge in Ripple outflows from top cryptocurrency exchanges.
XRP Price Hunts for Meaningful Support
XRP price could be vulnerable to decline further as Ripple fails to find buyers in the market. The cross-border remittance token’s trading volume has diminished and may continue to slide lower to discover reliable support.
The token could fall further to discover meaningful support at the lower boundary of the prevailing chart at $0.63, resulting in a 23% decline.
XRP/USDT 3Day Chart. Tradingview
The first line of defense for XRP price is at the 78.6% Fibonacci retracement level at $0.75, coinciding with the August 8 low. Ripple will find an additional foothold at the July 12 high at $0.65.