XRP has taken quite a hit along with the broader cryptocurrency market, yet a prominent analyst believes this altcoin has the potential to rebound swiftly.
Recently, in a CryptoQuant post, analyst Maartunn discussed how various altcoins stack up against each other in terms of monthly Binance futures trading volumes. This metric tracks the total amount of a specific asset traded on a centralized exchange, with Binance being the notable platform in question.
According to the data shared by Maartunn, XRP has emerged as the most traded altcoin on Binance this month, amassing an impressive trading volume of $116.6 billion. Astonishing, isn’t it? As December continues to unfold, this figure is poised to grow even further.
Historically, this year saw Solana (SOL) taking the lead in trading volume for several months, but it recently faced a drop. Last month, Dogecoin (DOGE) managed to take the crown, yet XRP has now surged ahead of both in the current month. Tracking the top-traded coins on Binance is pivotal for anyone looking to trade altcoins, as highlighted by Maartunn.
Given the recent market crash, the entire cryptocurrency sector experienced severe turmoil. Despite this, XRP stands out as a candidate likely to bounce back quickly. The analyst expressed optimism, noting that, based on the monthly Binance volumes, XRP could be on the road to recovery sooner than others.
Across the crypto landscape, liquidations have surged dramatically following the market’s decline. CoinGlass reported that approximately $1.40 billion in liquidations occurred in just one day, and XRP contracts accounted for about $42 million of this amount. Interestingly, Dogecoin and Solana experienced more significant sell-offs, likely due to deeper price drops compared to XRP.
As for XRP’s price, it briefly dipped below the $2.0 threshold, but it has since managed to recover and is now fluctuating around $2.1. While the price movement has shown some downward trends recently, the resilience of XRP might hint at a brighter outlook ahead.
With its strong trading volume and potential for a quick rebound, XRP could very well become the altcoin to watch in the near future. So, for those investing or trading within the cryptocurrency space, keeping an eye on XRP might just pay off.
