XRP Stuck in Price Range Due to Coinbase-Linked Trading Walls

XRP has been stuck in a tight range after a significant price rally, and one analyst claims to know why. The token has been hovering near $1.51, which is still more than a 50% jump from its level just seven days ago.

A recent chart posted by CW showed XRP consolidating between roughly $1.52 and $1.53, with heavy sell orders stacked above $1.70 and $2.00 and buy orders clustered just under $1.52. The analyst argued that large Coinbase-linked holders are pinning the price of XRP with these buy and sell walls.

The analyst further explained that these walls are not intended to push the price up or down, but rather to hold it in place, specifically tying this standoff to US trading desks not yet ready for a rally. This theory is supported by data on futures positioning, which suggests that even though the price has not moved, the setup for a rally is building.

The analyst also pointed out that XRP had broken through its point of control and main resistance zone, with the sell wall now above price looking small by comparison. Additionally, ETF flow added another data point, with a net inflow of $13.82 million across XRP ETFs, split between Bitwise's fund, Franklin's XRPZ, and Canary's XRPC fund.