The recent surge in XRP price has hit a roadblock as leading exchanges Binance and Coinbase show combined 50 million XRP sell walls above the $3 mark, impeding XRP’s growth. Despite rallying to a high of $2.9, XRP closed with a significant loss of 7.91% and is currently consolidating between $2.4 and $2.6. Market analyst Dom highlighted sell and buy walls on the order books of Binance and Coinbase that could impact XRP’s price in the near future.
Analysis of the order books on Binance and Coinbase reveals that Binance Spot has 34 million XRP sell walls between $2.8 and $3.5, while Coinbase Spot shows 16 million XRP sell walls within the same range. Combined, these sell walls amount to 50 million, posing a potential barrier for XRP to surpass $3. On the other hand, buy walls on Binance and Coinbase offer support with 10 million XRP and 4.3 million XRP respectively, totaling to 14.3 million, indicating growing demand for XRP at lower prices.
Despite facing resistance from the sell walls, XRP is stabilizing after recent volatility. Dom believes that the current consolidation phase can be beneficial by establishing a stable price range between $2.4 and $2.6, setting the stage for future price rallies. However, breaking through the $3 mark will require sustained buying pressure due to the substantial volume of sell walls above the current price levels.
The political scenario in South Korea, particularly the declaration of martial law, has also contributed to the recent consolidation in XRP’s price. Upbit, a major South Korean exchange, has been matching or even surpassing Binance in XRP trading volume, indicating the significant role of South Korean traders in XRP’s recent rally. Dom suggests that without this disruption, XRP might have already reached $3. As of press time, XRP is trading at $2.62, showing a 4.45% recovery from the recent dip.
In conclusion, the 50 million XRP sell walls on Binance and Coinbase above $3 are currently hindering XRP’s price growth despite positive market sentiment. The presence of buy walls in the $1.9 to $2.3 range on both exchanges offers support, indicating continued demand for XRP at lower price levels. The ongoing consolidation may pave the way for future price rallies, but breaking through the $3 mark will require substantial buying pressure. The political situation in South Korea is also playing a role in the current price consolidation, with the recent declaration of martial law impacting market activity.
