Analyst Blames Massive Trading Walls on Coinbase

The Real Reason XRP Is Stuck: Analyst Blames Massive Trading Walls on Coinbase

XRP’s order book shows major sell pressure clustered near the $1.70 and $2.00 levels, with large buy orders just below $1.52.
ByWayne Jones

An analyst has claimed that large Coinbase-linked holders are pinning XRP’s price with the buy and sell walls on both sides of the market.

Their thesis landed as the Ripple token hovered near $1.51, holding a tight range after a rally that more than doubled the asset’s price from its early-August low.

Whale Walls and a Split Order Book

CW posted a chart showing XRP consolidating between roughly $1.52 and $1.53, with heavy sell orders stacked above $1.70 and $2.00 and buy orders clustered just under $1.52.

“It is Coinbase whales that are controlling the price of XRP,” the account wrote, arguing that the walls are not there to push price up or down but to hold it in place, and tying the standoff specifically to US trading desks not yet ready for a rally.

They followed up later with data on futures positioning, suggesting the setup for a rally is building even though price has not moved.

The data showed whale long/short ratios on Binance and OKX both leaning bullish, with OKX’s whale position ratio at 8.16, but smart money sentiment stayed split: extremely bullish on OKX, extremely bearish on Bybit, and merely bearish on Binance, which was an improvement from a more bearish reading a day earlier. Taker volume was close to even, 48.74% long against 51.26% short.

In another post, CW said XRP had broken through its point of control and main resistance zone, with the sell wall now above price looking small by comparison.

Source: cryptopotato.com