Bitwise, a crypto money manager, has sold off over $9.3 million worth of XRP amid the recent news that the SEC would be suing Ripple. The XRP was worth approximately 3.8% of the company's crypto index fund, according to the company's press release. Bitwise has reinvested the money into other assets in its portfolio. 

The company released a statement, saying "The Bitwise 10 Crypto Index Fund does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws"

This news could cause other large firms to consider dumping their XRP as well. As of writing this post, XRP is currently sitting at $0.26, down over 40%.