In recent weeks, the XRP price has plummeted nearly 30%, raising investor concerns. We explore current trading volume data, potential growth catalysts, and analyze XRP positions through the lens of Wyckoff's theory.
Current Situation with XRP Price and Trading Volumes
Amid reduced futures demand and declining trading volumes, the Ripple (XRP) price has sharply declined. CoinGlass data shows futures open interest falling to $3.45 billion from $7.45 billion in January, while daily XRP volume has decreased to $4 billion.
Potential Catalysts for XRP Growth
Several factors may support a recovery in XRP price. According to Polymarket, the odds for a spot Ripple ETF have reached 80%, and JPMorgan predicts $8 billion in first-year inflows. Ripple continues to ink significant partnerships, such as with Unicambio in Portugal, and is securing licenses in key U.S. states like New York and Texas.
Wyckoff Theory Analysis and Future Prospects
According to the Wyckoff Theory, XRP's price was in an accumulation phase during 2022-2024 and moved to a markup in November. However, XRP is now in the distribution phase, characterized by high volatility. If the theory holds, the price may reach the support level of $0.9325. An upward trend will be confirmed if the price exceeds the year-to-date high of $3.40.
XRP's price has fallen amid declining demand and trading volumes. However, potential opportunities like the introduction of a spot ETF and new partnerships provide optimism. The fulfillment of Wyckoff Theory forecasts will be crucial for the future price dynamics.
