NewsBTC
24 December 2024
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XRP Becomes Most Traded Altcoin on Binance in December

XRP has emerged as the most traded altcoin on Binance in December, achieving a trading volume exceeding $116 million on Binance Futures. This highlights its growing popularity among traders, particularly in a challenging market where Bitcoin and other cryptocurrencies have seen significant price declines.

Rising Interest Amidst Market Challenges

The digital currency market has faced volatility recently, with Bitcoin and several altcoins experiencing dropping values. XRP has maintained relative stability, currently priced around $2.25, despite an 11% decline over the past week. It also shows a substantial annual increase of 250%, attracting investors seeking reliable options in uncertain conditions.

Analysts note a correlation between XRP's recovery from losses and recent declines in the currency. The trading volume for XRP remains dynamic in derivatives, with a 34% increase reflecting heightened trader interest. However, a decline in open interest suggests some traders may be liquidating positions due to uncertainty.

Wallet Growth Signals Growing Adoption

Another positive indicator for XRP is the growth in wallet holders. Data from Santiment shows a rise of 5.75 million non-empty XRP wallets over the past two years, equating to a 28% increase. This trend aligns with broader cryptocurrency adoption observed in major coins like Bitcoin and Ethereum.

The increase in wallet numbers indicates more investors are committing to XRP long-term, which could stabilize its price and enhance its market presence. XRP is likely to attract further attention from traders and investors as interest grows.

Featured image from X/@RippleXrpie, chart from TradingView