According to data provided by CryptoQuant analyst JA Maartunn, XRP is the most traded alternative cryptocurrency on the Binance exchange this December.
The cryptocurrency has managed to generate more than $116.6 million in trading volume on the Binacne Futures market.
Over the past few days, both Bitcoin and altcoins experienced substantial price drops. However, the CryptoQuant analyst is convinced that the XRP token would be able to recover "relatively quickly."
Earlier today, the XRP price plunged to an intraday low $2.13, according to CoinGecko. It has underperformed other major cryptocurrencies, plunging by more than 4%.
The Ripple-linked token is now down more than 25% from its multi-year high that was achieved on Dec. 3. Back then, Coinbase whales were the driving force behind the cryptocurrency's stunning rally.
Alex DovbnyaCoinGlass data shows that XRP's open interest currently stands at $1.9 billion. The Binance exchange accounts for nearly half of this sum ($812 million). Bitget and OKX come in second and third places, respectively.
Over the past 24 hours, XRP has generated $9.6 billion in trading volume. It is the fifth most-traded cryptocurrency (behind only Bitcoin, Tether's USDT, Ethereum, and USDC).
During the peak of its rally, which took place earlier this month, XRP briefly managed to flip Bitcoin by trading volume in South Korea.
As reported by U.Today, the token recorded a new record high in terms of Google search volume. However, this frenzy was rather short-lived.
Still, the token will likely benefit from a few bullish catalysts in 2025, including the growing ETF buzz in the US.
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Dan Burgin
Vladislav Sopov