XRP, Coinbase order book shows signs of rebound... "Buy wall is 7 times thicker"

▲ XRP

XRP's buying liquidity on Coinbase's order book is outstripping selling pressure by nearly seven times, once again stimulating expectations for a short-term rebound.

According to the crypto media outlet TheCryptoBasic on May 29 (local time), analyst Dom analyzed that the XRP order book on Coinbase's spot market is strongly skewed towards buyers. He stated that buying liquidity in large order zones is almost seven times higher than selling pressure.

Dom explained that while an order book is not a tool to accurately predict future prices, it can be used as a signal to show traders' intentions. He added that similar order book data served as the basis for his bearish outlook on Bitcoin (BTC) in early 2025, after which Bitcoin fell by approximately 30%.

The heatmap shared by Dom showed a large accumulation of buy orders below XRP's current price. Such a "buy wall" is interpreted as an area where traders can quickly enter if XRP declines. Conversely, sell orders above the current price appeared relatively small, and Dom believed that the buying pressure needed to push the price up might be smaller than the selling pressure required to cause a sharp drop in XRP. XRP is trading near a key liquidity zone between $1.20 and $1.30.

However, despite strong buying liquidity, XRP's price trend has been mixed in recent weeks. According to CoinMarketCap data, XRP traded at approximately $1.32, up 2.54% in the last 24 hours, but it fell 2.56% over the last week and about 5% over the past month. TheCryptoBasic reported that traders are cautiously observing market direction amid ongoing vigilance regarding macroeconomic news.

Traders are also watching whether Stellar's (XLM) bullish momentum will extend to XRP. XLM surged over 40% this week, and analyst Kevin Cage assessed that XLM broke out after several months of consolidation, while XRP remains trapped in a range. Some analysts believe that if momentum improves, XRP could attempt a delayed breakout towards $1.76 to $2 in June.

The fact that Hyperliquid (HYPE) whales are opening multi-million dollar XRP long positions with 20x leverage was also cited as a factor boosting bullish expectations. TheCryptoBasic reported that with XRP recording a daily gain of around 2%, many traders are hoping for continued upward momentum.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*