According to data from CryptoQuant analyst JA Maartunn, XRP has emerged as the most traded alternative cryptocurrency on the Binance exchange this December. The token achieved over $116.6 million in trading volume on the Binance Futures market.
Despite recent market turbulence, the analyst predicts a swift recovery for the Ripple-linked cryptocurrency.
Source: CryptoQuant
In recent days, Bitcoin and altcoins have faced notable price declines, yet XRP’s trading activity indicates strong market interest, with the cryptocurrency maintaining significant momentum despite the broader downturn. Earlier today, XRP’s price fell to an intraday low of $2.13, marking a 4% decline in the past 24 hours and underperforming other significant cryptocurrencies.
Also Read: This AI Tool Predicts a Disturbing Price for XRP by January
XRP’s Recent Performance and Trading Dynamics
The token is now down over 25% from its multi-year high reached on December 3. Coinbase whales were instrumental in driving XRP’s remarkable rally during that period. According to reports from South Korea showing the asset’s geographical preference, this boost made XRP surpass Bitcoin at one point in trading volume.
Data from CoinGlass reveals that XRP’s open interest currently stands at $1.9 billion. Binance leads this metric, contributing $812 million, while Bitget and OKX rank second and third. In the past 24 hours alone, XRP generated $9.6 billion in trading volume, making it the fifth most traded cryptocurrency globally.
Only Bitcoin, Tether’s USDT, Ethereum, and USDC surpassed XRP in trading activity during this period.
Despite the price drop, the cryptocurrency continues to demonstrate resilience. XRP recorded new highs in Google search volume earlier this month, reflecting a spike in public interest. Although this trend was short-lived, it underscores the token’s ability to capture market attention during significant price movements.
Future Prospects for XRP
XRP’s long-term outlook could benefit from upcoming market catalysts, with analysts pointing to the growing buzz around cryptocurrency exchange-traded funds (ETFs) in the United States as a potential driver for future gains. The market’s anticipation of regulatory developments and institutional adoption is expected to bolster interest in XRP further.
In conclusion, XRP remains a focal point in the cryptocurrency market due to its trading volume and market activity. While its price has faced recent setbacks, the token’s active trading on Binance and other platforms indicates strong investor engagement and potential for recovery.
Also Read: XRP Shows Resilience Amid Market Consolidation, Eyes Higher Price Targets
