• XRP faces $3 resistance due to 50M sell orders on Binance and Coinbase, requiring strong demand for a breakout.
  • Buy walls totaling 14.3M XRP between $1.9-$2.3 provide strong support, minimizing downside risks.
  • Political instability in South Korea affects XRP trading, but historical trends suggest consolidation may lead to future rallies.

XRP is currently trading within a narrow range between $2.4 and $2.6, following its failed attempt to surpass $3. The cryptocurrency recently rallied to $2.9 before retreating by 7.91%, indicating strong resistance at the $3 level. Analysts suggest the consolidation could pave the way for future moves, but significant challenges remain in breaking past this critical barrier.

$XRP orderbook update

My last update I identified major sell walls on Binance spot

Those are still here, and have also increased to around 34M XRP to $3.50

Coinbase spot has around 16M XRP sell walls to $3.50

I would be lying if I didn't say this is going to take some… https://t.co/zFFhdXdjH1 pic.twitter.com/wBW3hKpc13

— Dom (@traderview2) December 3, 2024

Sell Walls Create Major Resistance for XRP

Recently, market analyst Dom highlights that XRP’s inability to break $3 stems from substantial sell orders on major exchanges. Binance alone shows 34 million XRP in sell walls between $2.8 and $3.5. Coinbase adds another 16 million XRP in sell orders at similar levels. 

Combined, these figures indicate that over 50 million XRP must be absorbed before the price can advance further. This significant resistance points to a cautious sentiment among traders at the $3 level, requiring strong demand to push past.

However, despite the resistance, XRP’s price finds strong support at lower levels. Binance has bought walls totaling 10 million XRP between $1.9 and $2.3, while Coinbase shows 4.3 million XRP in similar ranges. 

Consequently, these figures indicate a demand zone that could help stabilize prices if they dip further. Analysts believe this solid base minimizes the likelihood of sharp declines, even amid current consolidation.

Political Factors and Historical Trends Influence Price Action

Similarly, XRP’s price action is also influenced by external factors, including political instability in South Korea, where martial law has disrupted trading activity. Analysts expect market activity to recover once geopolitical conditions improve, potentially adding upward pressure.

Meanwhile, XRP’s historical price trends remain a point of interest. Analysts note that its 10-year chart has demonstrated significant surges following similar consolidation patterns.

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