XRP Faces 33% Buy-Side Skew on Coinbase Despite Market Sell-Off

An orderflow, volume, and profile trader, Dom, has published a detailed analysis of unusual activity in the spot orderbook for XRP on Coinbase. His analysis, supported by a chart, highlighted an unprecedented imbalance in the book structure. The post emphasized the significant volume of buy-side interest compared to the relatively thin sell-side presence, suggesting a growing domestic accumulation of XRP. Dom noted a "pure imbalance" in the orderbook, pointing out the clear asymmetry between the concentrated buy walls below the price and the lack of liquidity above.

Dom's assessment suggests that U.S. traders are bullish on XRP, as Coinbase remains the primary exchange available to those seeking exposure to the asset. The core of the analysis is centered on a bid skew metric, which flashed its largest value ever recorded on Coinbase for XRP within 24 hours. Dom reported that the skew reached 33 million XRP within 50% of the current price. That level of demand reflected 33 million XRP more posted in bids than asks in the same price range, reinforcing the thesis that buyers significantly outweighed sellers.

Despite this extreme buy-side skew, XRP has recently experienced downward price pressure. Dom attributed this move not to changes in XRP fundamentals or sentiment, but to broader macroeconomic conditions, including a global market sell-off. According to him, XRP was "dragged down with it," implying that the price drop was reactive rather than reflective of asset-specific weakness. Notably, other experts share this view, as one popular figure recently revealed that he won’t panic sell his XRP because the downturn just reflects broader market uncertainty.

In the face of this downside move, the chart shows the orderbook’s resilience. Dom emphasized that the depth of demand remains intact and is aggressively concentrated within striking distance of the current price. He speculated that an additional $100 million in buy pressure could restore price levels to $2.5, and emphasized that the immediate technical objective remains to hold the $2 level.

The snapshot Dom provided highlights the kind of imbalance that’s rarely seen in spot trading on major exchanges. Given that Coinbase is the main U.S. exchange offering XRP, and with regulatory clarity in the country slowly forming, the implications of this activity may extend beyond short-term volatility. Whether the price can hold above $2 and potentially reclaim $2.5 will depend on how much more buying pressure is ready to step in—a question Dom leaves open, stating, “Let’s see how hungry they are.”