XRP market strength varies across different exchanges. Ripple price continues to reflect some of the turbulence experienced by the crypto market in the last 48 hours. At the time of writing, XRP is trading sideways at $0.48, a price point that has provided temporary stability in recent days. Market depth is something to observe during times of increased volatility.
Cryptocurrency Exchanges and Volatility
This data shows how much buying or selling pressure is needed to move the price in a certain direction. It also depends on numerous factors that vary from one platform to another, such as the depth of the order book.
Generally, exchanges with higher trading volumes and more liquidity have greater market depth. For instance, on the Binance front, it takes approximately $1.44 million in sell orders to move XRP’s price down by only 2%. On the other hand, it requires $1.2 million in buy orders to increase the price by 2%.
According to CoinMarketCap data, this process is valid for the XRP/USDT pair. For example, on the US-based Coinbase, where the volume is much lower, only $850,000 can create a 2% negative movement. The market depth in major exchanges appears as follows according to the graph below:
What’s Happening on the XRP Front?
Recently, the XRP price has failed to rise above $0.54, becoming a significant barrier for the bulls. Since then, the price has been gradually moving towards the next major support level at $0.43. It is also worth noting that bears have managed to show a downtrend on the monthly timeframe, indicating a significant change in the dynamics of price action.
The monthly close will occur in a few days, and it is crucial for buyers to step in if there is any chance of pushing the XRP price to $0.50 and above. The ongoing legal process between the SEC and Ripple Labs continues to create selling pressure on the XRP price.
