Leading exchanges Binance and Coinbase see combined 50 million XRP sell walls above the $3 mark, capping XRP’s growth.
Recall that XRP rallied to a high of $2.9 yesterday, brushing against the $3 psychological resistance. However, it failed to maintain momentum, closing the day with a 7.91% loss. Currently, XRP has recovered to $2.6, consolidating in a narrow range between $2.4 and $2.6.
This period of consolidation has led to analyses of XRP’s order books, particularly on Binance and Coinbase. Market analyst and trader Dom recently provided an update on these order books, highlighting sell and buy walls that could influence XRP’s price in the coming days.
$XRP orderbook update
My last update I identified major sell walls on Binance spot
Those are still here, and have also increased to around 34M XRP to $3.50
Coinbase spot has around 16M XRP sell walls to $3.50
I would be lying if I didn’t say this is going to take some… https://t.co/zFFhdXdjH1 pic.twitter.com/wBW3hKpc13
— Dom (@traderview2) December 3, 2024
50M XRP Sell Walls Persist on Binance and Coinbase
Data reveals that Binance Spot has 34 million XRP sell walls ranging from $2.8 to $3.5. Similarly, Coinbase Spot shows 16 million XRP sell walls within the same price range. Combined, these sell walls total 50 million.
This large volume of sell walls could potentially present a barrier for XRP’s price to break through $3. Notably, the sell walls already suggest that market participants expect resistance as XRP approaches the $3 mark and beyond, a move that could see it eye the $3.31 all-time high.
XRP Buy Walls Present Support
Meanwhile, Binance has 10 million XRP buy walls from $1.9 to $2.3, while Coinbase shows 4.3 million XRP buy walls in the same range. Together, these buy walls amount to 14.3 million, providing support in case the price dips further.
These buy orders suggest that despite the recent consolidation, demand for XRP is still rising, as buyers show an interest accumulating XRP at lower price levels if it drops to the range between $1.9 and $2.3.
XRP is currently stabilizing after its recent volatility, but Dom believes the ongoing consolidation could be beneficial. He pointed out that creating a stable price range in the $2.4 to $2.6 region can add value, building a stronger foundation for future rallies.
However, the analyst warns that breaking through $3 will require sustained buying pressure. The volume of the sell walls means XRP needs massive market activity to overcome the barriers above it.
Martial Law in South Korea Contributes to Consolidation
Notably, Dom previously suggested that besides the massive sell walls, the political situation in South Korea is also contributing to the halt in XRP’s rally. XRP witnessed a roadblock amid the declaration of martial law in the country but has surprisingly demonstrated resilience.
$XRP thoughts
Earlier today, South Korea declared martial law, causing a quick market-wide selloff
Interestingly, Upbit, a major South Korean exchange, has been matching or even exceeding Binance’s $XRP volume over the past week
This suggests South Korean traders have played a… pic.twitter.com/cVC120XF3C
— Dom (@traderview2) December 3, 2024
Dom noted that Upbit, a leading South Korean exchange, has matched or even surpassed Binance in XRP trading volume over the past week. This confirms the important role South Korean traders have played in XRP’s recent rally, with the recent martial law capping this market activity.
The analyst believes that without this disruption, XRP might have already reached the $3 mark. Notably, XRP currently changes hands at $2.62 as of press time, having recovered by 4.45% this morning.
