Recently, the order book for XRP on the Coinbase trading platform has shown a significant increase in buy depth, particularly during a price decline, with a buy skew of up to 33 million XRP appearing in the order book. This phenomenon indicates that, amid selling pressure in the market, buyers are demonstrating strong strength, willing to absorb large sell orders rather than choosing to exit.
XRP Buy Skew on Coinbase Reaches 33 Million
In trading terminology, a "buy skew" refers to a situation where the depth of buy orders in the order book far exceeds that of sell orders. When this imbalance occurs against the backdrop of a price decline, traders typically interpret it as a sign that the market has sufficient strength to absorb downward pressure, serving as a bullish signal. The observed buy skew for XRP on Coinbase has garnered widespread attention and is seen as a positive signal from U.S. market participants.
Why Coinbase is Crucial for XRP Price Discovery in the U.S.
Coinbase's significance lies not only in its massive trading volume but also in its role as the primary platform for XRP-USD benchmark trading. According to 21Shares, as of October 30, 2025, Coinbase accounted for 58.03% of the XRP-USD benchmark trading volume. Furthermore, from Q4 2024 to Q3 2025, Coinbase recorded the largest quarterly trading volume for XRP-USD in each quarter.
This market concentration means that the order book information from Coinbase has a greater influence on XRP prices. When a mainstream trading platform exhibits deep buy-side liquidity under market pressure, it reflects the true demand in the U.S. market more accurately than similar data from smaller offshore platforms. In the era of ETFs, this information is also crucial for how institutional products reference XRP pricing.
Confirmation and Uncertainty in the Current XRP Market Context
Existing evidence confirms Coinbase's role as a focal trading platform, along with the widespread reports of the 33 million XRP buy skew. Additionally, Coinbase's key role in XRP benchmark trading makes this signal noteworthy. Furthermore, the broader regulatory and institutional context, including the re-listing of XRP in the U.S. market and interest related to ETFs, has increased the relevance of XRP order flow data for traders.
However, claims regarding the "largest reading in nearly a year" cannot be fully substantiated with current evidence. The original charts, order book exports, or comparable historical data series are not included in the information sources, making it impossible to independently verify this "nearly a year" statement. A more cautious conclusion is that, under market pressure, Coinbase does indeed show a significant buy imbalance for XRP, but it cannot yet be definitively positioned as the most significant instance in the past year.