The price of XRP has not gone anywhere in the last 30 days, as third-party data shows that demand from Wall Street investors has stopped.
Conclusion
- The price of XRP has remained in a tight range for the past 30 days.
- Demand from Wall Street investors declined during this period.
- The coin may be in the accumulation phase of the Wyckoff theory.
The Ripple token (XRP) today, March 12, traded around $1.3825, where it has been for the past few weeks. This price is 63% lower than last year’s high point.
Data compiled by SoSoValue shows that Spot XRP ETFs shed more than $26 million in assets this month. This is the first month these funds have faced withdrawals since they were launched in November.
Figures show funds had no inflows on Wednesday. Prior to this, they experienced withdrawal for the previous four days in a row. They currently have $985 million in assets.
A recent report revealed that some of Wall Street’s biggest companies own XRP ETFs. Goldman Sachs has $154 million worth of XRP ETFs, followed by top companies such as Millennium Management, Logan Stone Capital, Citadel, and Jain Global.
More data shows that the demand for XRP has decreased in the last few weeks. For example, according to CoinGecko, daily volume was $2.3 billion today, down from $4 billion on the same day last week.
Interest in open XRP futures has waned over the past few months, falling from last year’s high of over $10 billion to $2.4 billion today. The same thing happened on the CME, where futures contracts saw weak demand.
Technical analysis of XRP price
The four-hour chart shows that the Ripple token has remained in a tight range for the past few months. It remained within the key support and resistance levels at $1.3160 and $1.4627.
Volatility declined and the True Midrange remained in a downtrend. It also vibrates in the middle of the 50 and 100 round movement.
On the plus side, this is a sign that the coin is in the accumulation phase of Wyckoff’s theory. This phase is usually characterized by lateral movements.
Therefore, although it is too early to predict, it is possible that the coin will have a strong breakout. Its initial target will be $1.4627, the upper side of the channel. A move above this price points to further gains, possibly to the psychological level at $1.6658, its high point in February of this year.
