XRP Price Enters Wyckoff Accumulation Phase as Wall Street Demand Cools

Ripple's XRP price has barely moved in the past 30 days, and third-party data suggests that demand from Wall Street investors has stalled. Data shows that related funds saw no inflows on Wednesday. This came after four consecutive days of outflows. Currently, these funds manage $985 million in assets. More data shows that demand for XRP has declined in recent weeks. For example, according to CoinGecko, today's daily trading volume is $2.3 billion, down from over $4 billion in the same period last week. XRP's futures open interest has declined in recent months, from a high of over $10 billion last year to the current $2.4 billion. The same is true for the Chicago Mercantile Exchange (CME), where demand for futures contracts is weak. XRP Price Technical Analysis

The four-hour chart shows that Ripple has been fluctuating in a narrow range for the past few months. It has remained between the key support and resistance levels of $1.3160 and $1.4627. Volatility has decreased, and the Average True Range (ATR) has been trending downward. It is also oscillating around the 50-period and 100-period moving averages. On the positive side, this is a sign that the coin is in the accumulation phase of the Wyckoff theory. This phase is usually characterized by sideways consolidation. Therefore, while it is too early to predict, the coin has the potential for a strong bullish breakout. Its initial target will be $1.4627, the upper rail of the channel. A break above this price would signal more upside, potentially reaching the psychological level of $1.6658, the highest point in February of this year.