XRP price enters Wyckoff accumulation as Wall Street demand fades

$XRP price has gone nowhere in the last 30 days as third-party data reveals that demand from Wall Street investors has stalled.

Ripple ($XRP) token was trading at $1.3825 today, March 12, inside a range it has remained at in the past few weeks. This price is 63% below its highest point last year.

Data compiled by SoSoValue shows that spot $XRP ETFs have shed over $26 million in assets this month. This is the first month that these funds have experienced outflows since they were launched in November.

The numbers show that the funds did not experience any inflow on Wednesday. Before that, they experienced outflows in the previous four consecutive days. They now hold $985 million in assets under management.

A recent report showed that some of the biggest companies in Wall Street holds $XRP ETFs. Goldman Sachs holds $XRP ETFs worth $154 million, and is followed by top companies like Millennium Management, Logan Stone Capital, Citadel, and Jain Global.

More data shows that demand for $XRP has dropped in the past few weeks. For example, according to CoinGecko, the daily volume stood at $2.3 billion today, down from over $4 billion the same day last week.

$XRP’s futures open interest has dropped in the past few months, moving from last year’s high of over $10 billion to $2.4 billion today. The same has happened in the CME, where futures contracts are seeing weak demand.

$XRP price technical analysis

Ripple price chart | Source: crypto.news

The four-hour chart shows that the Ripple token has remained in a narrow range in the past few months. It has remained inside the key support and resistance levels at $1.3160 and $1.4627.

The volatility has dropped, with the Average True Range has remained in a downward trend. It is also oscillating at the 50-period and 100-period moving averages.

On the positive side, this is a sign that coin is in the accumulation phase of the Wyckoff Theory. This phase is usually characterized by sideways movements.

Therefore, while its too early to predict, there is a possibility that the coin will have a strong bullish breakout. Its initial target will be at $1.4627, the upper side of the channel. A move above that price will point to more gains, potentially to the psychological level at $1.6658, its highest point in February this year.