Ripple whales have changed their attitude toward the asset by disposing of roughly $800 million worth of it since the start of the month.
Whales' sell-offs began in late March shortly after Ripple's CEO, Brad Garlinghouse, announced that the lawsuit between his company and the US securities watchdog had effectively ended.
The sell-offs strengthen the narrative that the SEC lawsuit closure was a typical sell-the-news event.
Whales' behavior is seen as a sign of overall market conditions, sentiment, and short-term price directions for cryptocurrencies.