XRP's buy-side liquidity on Coinbase is running about seven times heavier than the sell-side, according to order book analysis by analyst Dom — a striking imbalance that some traders see as bullish. But Dom himself warns the current configuration mirrors a 2025 Bitcoin setup that preceded a 30% price decline. The mixed signal comes as XRP remains range-bound near $1.23-$1.30, down roughly 5% over the past month despite a 2.5% uptick in the last 24 hours.
A 7-to-1 Buy Wall
Dom's analysis, shared this week, shows buy orders clustering at roughly seven times the volume of sell orders on Coinbase's spot market. He described the path of least resistance as upward, meaning less buying pressure is needed to push the price higher than selling pressure would be to knock it lower. But he also stressed the caveat: a nearly identical ratio preceded a sharp Bitcoin correction in 2025. “The data can be significant,” Dom said, without forecasting a repeat.
XRP vs. XLM: Diverging Paths
While XRP drifts sideways, another token in the same ecosystem is moving. Analyst Kevin Cage noted that Stellar (XLM) broke out after months of consolidation, while XRP has stayed locked in a tight range. Some traders see this divergence as a potential catch-up trade, projecting XRP could aim for the $1.76 to $2 zone in June if buying pressure accelerates.
Leveraged Longs Pile On
On derivatives platform Hyperliquid, fresh wallets have been opening large XRP long positions using 20x leverage, with some bets running into the millions of dollars. The concentration of leveraged longs adds a layer of risk: if the price fails to break higher, a squeeze could accelerate losses. The setup leaves XRP's near-term direction dependent on whether the spot buy wall holds or the leveraged positions unwind first.
What the Charts Show Now
XRP last traded near the $1.23-$1.30 liquidity zone on Coinbase, a level that has acted as both support and resistance in recent weeks. The token is up 2.5% in the past day but down 2.5% over the last seven days, reflecting the lack of directional conviction. Dom's order book data suggests the next move, when it comes, could be sharp — but the analogy to 2025 Bitcoin keeps the bull case from feeling clean.
The immediate question is whether the leveraged longs on Hyperliquid provide the fuel for a breakout or the weight for a flush. No one is calling a clear winner yet.
