XRP Price Outlook: Ripple Whales Shed 48 Million Tokens Amid SEC Appeal Confirmation

Lately, Ripple whales have been making moves that have contributed to the uncertainty around the XRP price. In a recent transaction, it was observed that over 48 million XRP tokens were dumped by Ripple whales. XRP whales seem to be in a selling frenzy today, leading to a nearly 2% drop in XRP’s price. This activity coincides with the US SEC’s last-minute appeal in the ongoing Ripple SEC case, prolonging the already lengthy legal dispute.

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.

Ripple whales have been disappointed due to the legal case with the SEC which has drastically affected the XRP price. However, with more Ripple whales selling off their holdings, the road to a resurgence for the XRP price might take a longer while.

While more uncertainty brews around XRP price, its current weekly range sits between $0.5226 to $0.5543, according to CoinGecko. However, should more Ripple whales sell off their holdings, XRP price may drop further amid waning investor confidence in the token.

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This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.