The XRP token has traded in a narrow range over the past 30 days, with demand from Wall Street investors showing signs of decline. Spot XRP exchange-traded funds (ETFs) recorded outflows for the first time since their launch in November, shedding over $26 million in assets this month. Despite this, technical indicators suggest the cryptocurrency may be in an accumulation phase according to the Wyckoff Theory, potentially setting the stage for a bullish breakout.
Ripple's XRP token was trading at $1.3825 on March 12, remaining within a range it has held for the past few weeks. This price level sits 63% below its peak from last year. Third-party data from SoSoValue indicates that spot XRP ETFs experienced no inflows on Wednesday and outflows over the previous four days, marking the first net outflows since the funds launched in November. These ETFs now manage $985 million in assets.
Major Wall Street firms continue to hold significant positions in XRP ETFs. Goldman Sachs leads with $154 million, followed by Millennium Management, Logan Stone Capital, Citadel, and Jain Global. However, broader demand for XRP has softened recently. CoinGecko data shows daily trading volume at $2.3 billion on March 12, down from more than $4 billion a week earlier. Futures open interest has also declined sharply, from over $10 billion last year to $2.4 billion currently, with similar weakness observed in Chicago Mercantile Exchange (CME) contracts.
From a technical perspective, the four-hour chart reveals XRP confined between support at $1.3160 and resistance at $1.4627 over the past few months. Volatility has decreased, as evidenced by a downward-trending Average True Range (ATR), and the price is oscillating around its 50-period and 100-period moving averages. Analysts interpret this sideways movement as characteristic of the accumulation phase in the Wyckoff Theory. While it is too early to confirm, a breakout above $1.4627 could target the February high of $1.6658.
