XRP has gone nowhere in the last 30 days, trading at $1.3825 on March 12 – still 63% below its 2023 peak. The culprit: fading interest from Wall Street investors.
Spot ETFs see first monthly outflow since launch
Data from SoSoValue shows spot XRP ETFs have bled over $26 million in March, marking the first net monthly outflow since their November debut. Wednesday recorded zero inflow, following four consecutive days of outflows. Total assets under management now stand at $985 million. Despite heavy holdings by Goldman Sachs ($154M), Millennium Management, Logan Stone Capital, Citadel, and Jain Global, institutional buying has not prevented the outflow trend.
Trading volume and open interest collapse
CoinGecko reports daily trading volume at just $2.3 billion today, down from over $4 billion last week. Futures open interest has cratered from a 2023 high of $10 billion to only $2.4 billion. CME futures also show weak demand, confirming a broad decline in speculative appetite.
Wyckoff accumulation: tight range hints at breakout
The 4-hour chart reveals XRP trapped in a $1.3160–$1.4627 channel. Average True Range (ATR) has dropped steadily, while price oscillates around the 50- and 100-period moving averages. This sideways grind is a textbook accumulation phase in Wyckoff Theory – smart money accumulates while noise traders exit. If the pattern completes, XRP may first test channel resistance at $1.4627, then target the February high of $1.6658. No breakout confirmed yet; volume confirmation is needed.