XRP dominates Binance’s altcoin market in December

XRP was amongst the most traded altcoin on Binance this December according to CryptoQuant analyst JA Maartunn. The altcoin recorded a trading volume of more than $116.6 million on Binance Futures, outperforming other altcoins. 

As per Cryptoquant, XRP traded at higher volumes than other altcoins in the market for the entire month. This spike came at a time when the price of XRP was going up to its peak in three years before dropping sharply. 

“XRP is the most traded altcoin on the Binance Futures market, with a trading volume of 116.6B already, and the month isn’t over yet. It’s important to track the top-traded coins on Binance, as they should be your main focus when trading altcoins.”

Maartun

According to CoinGecko, XRP’s price has fallen to an intraday low of $2.18, a drop of more than 1%. XRP has also fallen by more than 25% since it reached a multi-year high on December 3. This price movement is similar to other major markets, as most of the top cryptocurrencies have been declining in the same period. 

Despite these setbacks, Maartum states that XRP remains resilient. He stated, “XRP seems to be recovering faster than most altcoins, despite broader market challenges.” According to CryptoQuant, the token’s open interest is at $1.90 billion, with Binance contributing nearly 50% of it. 

Wallet growth and investor interest in XRP

Besides the price volatility, XRP has recorded an increase in the number of active wallets. According to the on-chain analytics firm Santiment, the number of non-empty wallets for XRP has increased sharply. 

This growth, which started in October, is attributed to the improved understanding of XRP’s legal status. Since the U.S. SEC ruled in July 2023 that XRP is not a security, the token has witnessed incremental growth in the number of holders and the frequency of transactions as well. In the same month, Ripple submitted its Form C to present the arguments that Ripple wants to present in its cross-appeal.

Over the last two years, the number of cryptocurrency investors has increased. XRP alone, for instance, has added an additional 5.75 million wallets, which is a 28% increase. This trend is in line with the increases in the top cryptocurrencies; Bitcoin has risen by 27%, Ethereum by 47%, and Tether by 66%. The price of XRP has also increased tremendously from the previous year, with a 253% annual change, showing more investors’ interest and trust.

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