Quick overview

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Ripple tokens are down 5% due to high selling pressure. The altcoin faced renewed doubts over its price stability as large-scale holders, ‘whales’, continue to sell large volumes of tokens.

 

CryptoQuant on-chain data indicated XRP whales sold an average of $28 million daily over the past 90 days, raising questions about the sustainability of the current price, especially the $3 support level.

A similar pattern of selling occurred in February, when daily outflows reached $64 million, and the price dropped

Investor sentiment was affected by the SEC’s silence following its closed meeting on July 31, which led to reduced demand for XRP. As the deadline for a court filing approaches, hopes for the SEC to vote on withdrawing its appeal in the Ripple case have diminished. After Judge Torres rejected a joint motion for an indicative ruling on settlement terms five weeks ago, the SEC now faces a decision on whether to withdraw its appeal against the Programmatic Sales of XRP.

SEC is required to submit a status report on the settlement to the US Court of Appeals by August 15. The SEC is responsible for ending the Ripple case and influencing XRP’s price movement, especially since no settlement is in place and Ripple is prepared to withdraw its cross-appeal.

Market pressure increased after Ripple co-founder Chris Larsen transferred a large amount of XRP to Ripple, a company he co-founded in 2012. Following XRP’s recent all-time high of $3.65, Larsen moved about $140 million worth of XRP to exchanges last week, confirmed by blockchain trackers. These transfers were made from wallets directly linked to him, and such a large transfer from an insider has renewed community concerns about centralized token control and its impact on price trends.

On-chain data also shows Larsen still controls 2.28 billion XRP, worth approximately $ 8.4 billion, creating a noticeable gap between the price performance and his on-chain holdings. Although intraday momentum has improved somewhat, these on-chain metrics suggest that bullish sentiment is weakening.
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