As a seasoned crypto investor with a knack for spotting undervalued assets, I find myself intrigued by the recent surge in XRP‘s trading volume on Binance. Having witnessed market crashes and recoveries alike, I can confidently say that this data points to a potential swift recovery for XRP.
Despite the broader crypto market’s downturn, some analysts believe that XRP could bounce back relatively swiftly.
XRP Has Been The Top Traded Altcoin On Binance This Month
In a new CryptoQuant Quicktake post, community analyst Maartunn has talked about how the altcoins currently compare against each other based on their monthly Binance futures trading volumes.
On Binance, the term “trading volume” represents a measure that tallies up the overall quantity of a specific asset being exchanged in trades on this centralized platform.
Here’s a chart provided by our analyst, demonstrating the monthly evolution of this particular metric across leading cryptocurrencies within the sector.
It’s clear from the chart that Solana (SOL) has led in trading volume for most of this year on the exchange. However, there’s been a change in the market over the last couple of months, with SOL no longer holding the top position.
This past month, Dogecoin (DOGE) took the top spot among alternative cryptocurrencies (altcoins) in terms of this particular measure. However, this month, XRP has outranked both Dogecoin and other altcoins.
To date, the trading volume of XRP has reached a whopping $116.6 billion on the exchange. With one-third of December remaining, it’s expected that this figure will keep climbing even higher.
Monitoring the most actively traded cryptocurrencies on Binance is crucial since they often set trends that reflect the broader market. As highlighted by Maartunn, these coins serve as key indicators when investing in alternative cryptos.
Over the past few days, the entire cryptocurrency market has experienced a significant downturn. However, according to analysis based on Binance’s monthly trading volume, it appears that XRP might bounce back swiftly.
Additionally, it’s worth noting that the significant drop in the market over the past day led to a substantial number of cryptocurrency derivative positions being closed (liquidated), as indicated by data from CoinGlass.
Within the recent $1.4 billion worth of liquidations, it appears that XRP-associated contracts accounted for roughly $42 million, as indicated by the following heatmap.
It’s worth noting that Dogecoin and Solana seem to have experienced a more significant drop compared to XRP. This could be due to the fact that the prices of these two assets dipped more profoundly.
XRP Price
In the recent crash, XRP momentarily dipped below the $2.0 threshold, but it appears the digital currency has since bounced back and currently trades around $2.1.
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2024-12-21 11:10