Here’s what it takes to move the price of Ripple (XRP) 2% on Binance

The price of Ripple experienced some of the turbulence that the crypto market went through in the last 48 hours.

At the time of writing, XRP is trading flat on the day at $0.48, a price that has caused a temporary balance over the past few days.

Is the XRP market fragile?

One thing to watch in times of increased volatility is the depth of the market.

This is a metric that indicates how much buying or selling pressure is needed to move the price in a certain direction and by how much. It is also based on numerous factors, such as the depth of the order book, which varies from platform to platform.

Typically, those exchanges that have a higher trading volume and are more liquid would have greater market depth.

For example, on Binance, it would take approximately $1.44 million in sell orders to increase the price of XRP by just 2%. On the other hand, $1.2 million is needed to increase the price by 2%. This is for the XRP/USDT trading pair, according to CoinMarketCap.

On Coinbase, for example, where the volume is considerably lower by comparison, just $850,000 would produce a 2% move in the negative direction.

Here’s what market depth looks like on major exchanges:

Source: CoinMarketCap XRP Price Outlook

As previously reported by CryptoPotato, the price of XRP failed to break above $0.54, and this level has become a major obstacle for the bulls.

Since then, the price has slowly moved towards the next major support level at $0.43.

It is also worth noting that the bears have managed to manifest a bearish crossover in the monthly period, which indicates a considerable change in price action dynamics.

Chart by TradingView

The monthly close is just a few days away and it is important for buyers to step in if there is a chance for XRP to return above $0.50 and beyond.

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