In the wake of the chaos that followed last week’s market-wide sweep, a careful forensic study emerged: the depth of the order book in key venues had fallen to the point of “thin air,” allowing relatively modest market orders to break through price levels with almost no resistance.
This phenomenon, captured by independent market analyst Dom (@traderview2) on It’s not a forecast. It’s a statement about how quotes, liquidity and matching engines behave under pressure.
XRP price may fall to $1.19 or $20
Dom mail This reconstruction of the XRP portion of the move uses the depth of the Binance Futures order book to illustrate the dynamic. “The depth of the XRP order book on Binance futures during the crash. A prime example of ‘liquidity evaporation,’” he wrote, noting that for more than two hours before the cascade, there was roughly “$50-60 million of liquidity within 5% of the price on either side.” A stable and profound book.
The hour when everything broke was different. “Look closely before 21:00 during that first phase of the decline, roughly $20 million USD was sold into the market (entering short positions/liquidating long positions). The supply side (blue) ranges from $50 million to nearly zero… At this point, XRP is approaching $2.50 while all the liquidity underneath has basically disappeared, out of thin air.” Minutes later, with “increasing sales… flowing into the book being held in air pockets,” the price dropped from “$2.50 to $1.19. No one renewed the book. The MMs either pulled out or moved away just to protect it. These markets are actually more fragile than most people think.”
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The same thread and follow-ups expanded the lens to include behavior across space. Dom highlighted the incredible divergence on the Dogecoin ticker: “DOGE hit $0.09 on Binance, OKX, Bybit, Kraken… Coinbase was trading over 40% higher. Their market makers were either running a completely different playbook or protecting the ledgers. This divergence was not random and someone kept the floor “Salima.” This does not mean that aggressive buyers or sellers “took over the action,” but rather that bidders — market-making algorithms that have the discretion to withdraw or requote prices — dictated where actionable liquidity actually existed with a price gap.
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This framework also addresses a common post-mortem question from traders staring at cumulative volume delta (CVD) prints that have gone vertical even as prices fall: Net buying pressure can rise while the price is still falling if the best offers are snatched up and repriced milliseconds lower, forcing buyers to chase downward demand.
As Dom said in a separate explanation of DOGE, “Liquidity is withdrawn and repriced lower by the millisecond, over and over again. It doesn’t matter how much you buy. The closest demand keeps falling faster than you can get to it… The price doesn’t go down because of ‘selling’ – it goes down because the ground itself keeps disappearing. (…) My analysis so far supports the case that this has been happening with many coins…”
The logic is the same: when price liquidity disappears above the price, bullish gaps can be as mechanically surprising as bearish air pockets – hence Dom’s answer to whether a rally from $2 to $10 or even $20 could happen “on the way to the top”: “Technically, yes.”
At press time, XRP was trading at $2.46.
Featured image created with DALL.E, a chart from TradingView.com
The post XRP Could Swing To $1.19 Or $20 After Order-Book Collapse first appeared on Investorempires.com.
