XRP Up/Down order book microstructure on Polymarket

• 672 XRP Up/Down markets, led by 462 five-minute contracts
• Average market spread of 0.0259 (median 0.0200)
• Average top-of-book liquidity of about $16,649 per market over three days
• 1.90% of the last 24 hours of XRP book snapshots were crossed - lower than BTC, ETH and SOL
• All 672 markets settle on chainlink_twap reference prices

The archive holds 672 XRP Up/Down markets as of 2026-10-17: 462 at 5 minutes, 196 at 15 minutes and 14 at 4 hours. That is the fourth-largest crypto series, a touch behind Solana and ahead of BNB.

280 markets have resolved, split 131 up to 149 down (46.8% up). XRP leans mildly down in the sample, the opposite of BTC and ETH. Over a short measurement window that difference is more likely noise than a durable grading bias, but it is the kind of thing a directional strategy should check rather than assume away.

XRP quotes an average spread of 0.0259 with a median of 0.0200, statistically indistinguishable from Solana's 0.0262. The two assets trade in the same quality tier, two ticks wide at the median, well behind BTC and ETH but clearly ahead of Dogecoin, BNB, HYPE and ZEC.

Depth is where XRP and Solana separate slightly: XRP's trailing three-day top-of-book liquidity averages about $16,649 per market versus Solana's $18,132. That is a roughly 8% gap - small enough that a strategy tuned on one should re-measure before assuming it transfers to the other.

import requests

BASE = "https://api.polyorderbooks.com/v1"
HEADERS = {"X-API-Key": "your-key"}

slug = "xrp-updown-5m-1787486400"
r = requests.get(
    f"{BASE}/markets/{slug}/metrics",
    headers=HEADERS,
    params={"start_ts": 1787486400, "end_ts": 1787486700, "resolution": "1s"},
)
r.raise_for_status()
spreads = [p["spread"] for p in r.json()["data"] if p["spread"] is not None]
print("avg spread:", round(sum(spreads)/len(spreads), 4))

XRP's crossed-book rate is 1.90% over the last 24 hours - 11,209 of 590,117 snapshots. That is meaningfully below BTC (2.79%), ETH (2.94%) and Solana (2.63%) despite a similar spread to Solana. The gap suggests XRP's book updates less aggressively relative to its depth, which is a quieter microstructure.

For fill modeling this is good news: fewer inconsistent snapshots means fewer phantom fills to filter, and the residual crossed rate can be cleared with the same one-line check used for the other majors.

Every XRP Up/Down market settles on a Chainlink TWAP reference price. The reference feed captured 67,028 XRP observations by 2026-10-17 across spot and twap kinds, giving a complete series to grade against.

Because XRP's sample leans slightly down while BTC's leans up, pairing the two assets is a quick way to check whether a strategy is picking up genuine microstructure edge or just riding the direction of the measurement window.

The Starter plan is free, includes order books, prices, and metrics at 250ms resolution, with 3 days of history, 60 requests/min, 1,000/day, 1 free AI backtest, and 3 strategy backtests. No credit card required.

Paid data windows from $19/mo extend history to 30–120 days at higher throughput. Backtest AI add-on is +$19/mo or standalone at $29/mo.

• Polymarket XRP data
• Crypto microstructure data
• Order book API guide