XRP price is rising today, March 10, after the recent 13F filings showed that some of the top Wall Street companies, including Goldman Sachs, are some of the biggest buyers of the spot exchange-traded funds (ETF). Ripple jumped by over 5% to $1.4325, and is slowly showing bottoming signs.
XRP Price Rises After Report on Top ETF Holders
Some of the biggest players in Wall Street have become the top holders of the spot XRP ETFs, which were launched last year.
Bloomberg’s James Seyffart noted that Goldman Sachs was the biggest holder of spot XRP ETFs with an exposure worth over $153 million. This is important as all these funds hold over $971 million in assets, meaning that the bank holds about 15% of all of them.
Millennium Management, a hedge fund owned by billionaire Izzy Englander, holds XRP tokens worth $25 million. As with Goldman Sachs, this is a significant holding because Millennium is one of the most successful hedge funds globally, measured by performance and assets under management. It holds over $83 billion in assets.
Ken Griffin’s Citadel, another top hedge fund, holds Ripple ETFs worth over $4.5 million. Other top holders are companies like Jain Global, Logan Stone, Gallagher Capital Management, and Jane Street Group. There are 83 institutions with an exposure to these funds.
These numbers mean that there is strong institutional demand for crypto ETFs. Additionally, as we reported earlier, Goldman Sachs owns $2.3 billion worth of Bitcoin, Ethereum, Solana, and XRP funds.
The momentum in XRP ETFs has waned recently as the coin has remained in a bear market after falling by double digits from its all-time high. Data shows that the funds have shed over $22 million in assets this month, the first month in which they have lost assets. They added $58 million in inflows last month.
XRP price also rose after Brad Garlinghouse, Ripple’s CEO, noted that the company was planning to have a big year after visiting key offices. Ripple Labs’s focus will be on artificial intelligence and other payments-related activities.
Ripple Price Prediction: Technical Analysis
The daily timeframe chart shows that the XRP price has been stuck in a tight range in the past 30 days. It found substantial support at $1.3363, where it has failed to move below since last month.
On the positive side, the coin may have entered the accumulation phase of Wyckoff Theory, characterized by sideways movement and low volume. Also, it has formed a double-bottom pattern, a common bullish reversal sign.
Therefore, the most likely Ripple price forecast is bullish as long as it remains above the key support level at $1.3363. If this view is correct, the coin will likely surge, with the next key resistance level being at $1.6703, the neckline of the double-bottom pattern.
On the flip side, a drop below the key support level at $1.3363 will confirm the bearish outlook and point to more downside, possibly to the year-to-date low of $1.1200.