Recently, Ripple (XRP) has made headlines by reaching a significant milestone in December. The cryptocurrency market has seen its share of ups and downs, and XRP was no exception. Just days ago, it experienced a sharp drop, plunging from $2.60 to below $2. However, since December 21st, XRP has managed to stabilize, currently trading above $2.20.
This rise has sparked intense discussions among market experts about whether the XRP bull run is over. The fluctuations have, interestingly, triggered a substantial increase in trading volume, especially on Binance. According to a report by CryptoQuant, XRP has emerged as the most traded altcoin for the month of December, leading all exchanges.
To clarify, XRP’s trading success is primarily evident on the Binance Futures platform, rather than the spot market. A staggering trading volume of approximately $116 billion has been reported, and December still has time left to rack up even more impressive numbers. An analyst noted, “It’s essential to track the top-traded coins on Binance, as they should be your main focus when trading altcoins. In the past two days, both Bitcoin and various altcoins have faced significant declines. XRP appears to be positioned to make a quick recovery.”
On that pivotal day of December 21st, prominent trader and market analyst Ali Martinez advised his followers, emphasizing that the $2.20 mark is crucial for XRP’s price trajectory. He asserted that if XRP can “hold above $2.20, it might consolidate for a while before making another attempt at the $2.70 resistance.” Conversely, he warned that should this support level be breached, a decline to $1.96 could be on the horizon.
As it stands, XRP is showing a 3% increase for the day, even though it has dipped nearly 11% over the past week. The total 24-hour trading volume across all exchanges stands at around $7 billion.
The cryptocurrency scene is buzzing with excitement, and investors are keenly watching the developments surrounding XRP. This moment signifies a critical time for Ripple, and the next steps could shape its trajectory moving forward.
