Here’s What You Need to Increase ripple (XRP) Price by 2% on Binance
Ripple price has experienced some of the turbulence that the crypto market has experienced 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 over the past few days.
Is the XRP Market Fragile?
One thing to observe in times of increased volatility is market depth.
This is a measurement of how much buying or selling pressure is needed to move the price in a certain direction and by how much. This 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 volume and more liquid have higher market depth.
On binance, for example, approximately $1.44 million in sell orders are required to increase the price of XRP by just 2%. On the other hand, $1.2 million is needed to increase the price by 2%. According to CoinMarketCap, this is the case for the XRP/USDT trading pair.
For example, just $850k on Coinbase, where volume is much smaller by comparison, would produce a 2% move in the negative direction.
Here’s what market depth looks like on major exchanges:
Source: CoinMarketCap
XRP Price Outlook
Like CryptoPotato As previously reported, XRP price failed to rise above $0.54 and this level became a major hurdle for the bulls.
Since then, the price has been slowly moving towards the next important support level at $0.43.
It is also worth noting that the bears managed to establish a bearish trend on the monthly time frame, which indicates a significant change in the dynamics of the price movement.
Chart by TradingView
The monthly close will occur in a few days and it is important for buyers to step in if they have a chance of pushing XRP to $0.50 and above.
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