Traders are closely watching XRP, the cryptocurrency, following Stellar’s recent 40% weekly surge, and speculating whether the older and larger token could be next to experience significant gains. The two assets have historically moved in similar patterns, and some analysts believe the current market setup is becoming familiar.
XRP and XLM: A Potential Correlation
Analyst Kevin Cage noted that while Stellar (XLM) has broken out after months of sideways trading, XRP has remained range-bound. Reports suggest that if momentum builds, some traders anticipate XRP could reach the $1.76 to $2 range sometime in June.
XRP itself has seen a 2.50% increase in the past 24 hours. However, it remains down 2.50% over the last seven days and approximately 5% over the past month. The price is currently hovering near the $1.23 to $1.30 liquidity zone on Coinbase’s spot market.
Order Book Analysis on Coinbase
Analyst Dom, using the handle @traderview2 on X, highlighted interesting findings from Coinbase’s XRP order book. According to Dom, a heatmap of the order book reveals a significant concentration of buy orders below the current price, while sell orders above are comparatively smaller. He estimates the difference at roughly seven times, indicating that the buy-side depth significantly outweighs the selling pressure.
Dom emphasized that order books reflect trader intentions rather than guaranteeing price movements, but he believes the data is still significant. He cited a 2025 Bitcoin call where similar order book readings supported his bearish outlook before Bitcoin’s price fell by around 30%. This suggests that when the data aligns, it can be a reliable indicator.
Market Sentiment and Potential Price Movement
Adding to the discussion, reports indicate that new wallets on Hyperliquid have opened large XRP long positions using 20x leverage, with some bets reaching millions of dollars. This activity has further fueled speculation about a potential price increase.
Dom suggests that XRP’s market structure currently favors an upward price movement. Less buying pressure would be needed to push the price higher than the selling pressure required to drive it down. Whether this plays out depends on broader market sentiment. For now, traders are monitoring both the Coinbase order book and XLM’s momentum for clues about XRP’s next move.
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