XRP orderbook data on Coinbase reveals a dramatic imbalance: large bid bands are nearly seven times heavier than the corresponding ask bands, according to analyst Dom (@traderview2). The price last hovered near the $1.23–$1.30 liquidity zone, up 2.5% in the past 24 hours but down about 5% over the past month. The skewed book does not guarantee a price increase, but it does make upward moves significantly easier to execute than downward ones.
The concentrated buy-side pressure comes as the broader crypto market bleeds. Over the six days ending May 30, total market capitalization dropped by $150 billion, per CoinGape. Bitcoin fell to $72,500 amid $1.4 billion in weekly ETF outflows, while Ethereum slid to $2,000 and entered bearish territory. XRP itself dipped to $1.27 on Thursday before recovering.
Some traders are now watching for a pattern repeat between XRP and Stellar (XLM), which surged 40% weekly. Analyst Kevin Cage noted that XLM broke out after months of sideways trading, while XRP remains range-bound. If momentum builds, projections point to a possible move toward the $1.76–$2 range by June, though no specific catalyst has been identified. Meanwhile, the stablecoin RLUSD, associated with Ripple's ecosystem, climbed over 9%, hinting at on-chain demand for dollar-denominated liquidity adjacent to XRP.
The heavy bid skew is a near-term structural signal, but it remains only an expression of intentions, not a guarantee of direction. Bitcoin ETF outflows totaling $4 billion since May 7, tracked by Santiment, suggest institutional caution persists. The broader market's $150 billion contraction could cap any isolated XRP rally if risk appetite continues to fade.