Ripple whales dumped a staggering 48 million XRP into the market as the SEC appeal in the ongoing lawsuit intensifies. Investor anxiety surged, leading to a 2% price drop in XRP, with fears of more selloffs ahead as volatility spikes.

Ripple Whales Dump Millions as Market Panic Rises

An on-chain analytics company called Whale Alert has discovered that an account with the address "rDgP1….1pCvK" on Ripple has transferred $20,000,000 worth of XRP to Kraken.

Since the token's price was falling today as well, as pointed out by Coingape, this dump has ignited rumors.

Similarly, another whale with the wallet "r4wf7…h4Rzn" has sent $15.39 million worth of tokens (28.3 million) to the Bitso exchange. Investors' large-scale withdrawals from these leading cryptocurrency exchanges have sparked speculation about the possibility of further selloffs.

Investors on Edge as SEC Appeal Extends Uncertainty

Investors, meanwhile, seem content to sit on their hands as hope wanes. To put that in perspective, many in the cryptocurrency industry believed that the US SEC's appeal in the Ripple case would be rejected because the agency had missed the October 16th deadline to submit the FORM C.

The deadline may actually be October 18 (after the 14-day deadline from the date of the docket), according to attorneys and other crypto market aficionados who clarified the matter shortly after.

Some investors have been affected by this move, which has led to a situation where the XRP market is very volatile. Further, the US SEC has now submitted FORM C, indicating its intention to appeal the decision in the Ripple vs. SEC case.

Ripple's Legal Battle Drags On, Adding Pressure to XRP

The most recent report from the US SEC has put a damper on market optimism. The already protracted legal dispute is set to go on even more, which could have an impact on the future value of XRP. Since the appeal does not cast doubt on XRP's security status, Ripple CLO Stuart Alderoty has praised it.

Also, a number of people in the XRP community have praised the news, pointing to the "Bright Side" of the situation. To put everything in perspective, crypto market analyst EGRAG CRYPTO stated that the US SEC's appeal has a positive aspect in that the agency is expected to lose the court battle.

Pro-XRP Lawyer Doubts Optimism Amid Market Uncertainty

Still, the remarks have failed to sway pro-XRP attorney Bill Morgan. In response to EGRAG CRYPTO's article, Morgan remarked that the XRP community may be using this as "another excuse" to explain the cryptocurrency's lack of movement in price.

Worries that the appeal may cause market negativity and subsequent XRP community selloffs have also arisen as a result of this.

XRP Price Declines Amid Volatility

The price of XRP declined by 2% during the writing and was trading at $0.5446, with a 21% drop in trading volume to $1.10 billion. In the past day, the cryptocurrency rose to a high of $0.5538 before tumbling to its present position.