Ripple Whales Dump 48M XRP As US SEC Confirms Appeal, Selloff Imminent?

Ripple whales appear to be on a selling spree today, causing a dip of nearly 2% in XRP price. According to the latest data, the whales have dumped more than 48 million tokens recently, sparking concerns over further selloff in the market. Notably, this selloff comes as the US SEC has filed the last-minute appeal in the Ripple SEC case, which will extend the already long-running legal battle.

Ripple Whales Dump Over 48M Tokens Recently

According to on-chain analytics firm, Whale Alert data, a Ripple whale, identified by the address “rDgP1….1pCvK” has sent 20 million XRP, worth $10.98 million, to Kraken. This dump has sparked speculations, as the token’s price was also noting a decline today.

Simultaneously, another whale, identified by the wallet “r4wf7…h4Rzn” has dumped 28.3 million tokens, valued at $15.39 million, to Bitso exchange. Notably, these massive dumps by the investors to these top crypto exchanges have fueled discussions if further selloff is incoming.

Meanwhile, the investors appear to be staying on the sideline, as optimism seems to be fading. For context, many in the crypto community thought that the US SEC appeal in the Ripple case would be dismissed, as they have failed to file the FORM C within the October 16 deadline.

However, soon after, lawyers and other crypto market enthusiasts clarified that the deadline could be on October 18, counting the 14-day deadline from the date of the docket. This move has weighed on some investors, causing a volatile scenario in the XRP market. In addition, the US SEC has recently filed FORM C, confirming its appeal in the Ripple Vs SEC lawsuit.

XRP Price To Witness Further Dip?

The latest filing by the US SEC has dampened the investors’ sentiment. It indicates that the already long-running legal battle will be further extended, which might weigh on the XRP price going ahead. However, Ripple CLO Stuart Alderoty has lauded the appeal as it doesn’t challenge the XRP’s security status.

In addition, several XRP community members have celebrated the development, citing the “Bright Side” of the appeal. For context, crypto market expert EGRAG CRYPTO said that the positive side of the US SEC appeal is that the agency will lose in the legal battle.

Despite that, pro-XRP lawyer Bill Morgan has not been convinced by the comments. Commenting on EGRAG CRYPTO’s post, Morgan said that this could be “another excuse” for the XRP community to justify the stagnant price action of the crypto. This has also sparked concerns that the appeal could trigger a negative sentiment in the market, causing further selloff in the XRP community.

Meanwhile, today’s XRP price was down nearly 2% during the writing and exchanged hands at $0.5446, while its trading volume fell 21% to $1.10 billion. The crypto touched a high of $0.5538 in the last 24 hours before falling to its current level. Besides, CoinGlass data showed that XRP Futures Open Interest stayed near the flatline, indicating a muted interest of the traders.