XRP Becomes Top Traded Altcoin on Binance with $116.6 Billion Volume
XRP has experienced a decline alongside the broader cryptocurrency market, but an analyst believes it may recover quickly.
XRP Leads Binance Altcoin Trading
According to a new CryptoQuant Quicktake post by analyst Maartunn, XRP is currently the top traded altcoin on Binance based on monthly trading volumes. This volume reflects the total amount of XRP traded on the exchange.
The following chart illustrates the monthly trading volumes for various altcoins:
Historically, Solana (SOL) led trading volumes for most of the year; however, in recent months, it lost its top position. Last month, Dogecoin (DOGE) surpassed SOL, and this month, XRP has taken the lead with a trading volume of $116.6 billion, which is expected to increase as December progresses.
While Binance does not represent the entire cryptocurrency sector, it is the largest exchange by volume, making its trends indicative of the broader market. Maartunn emphasizes the importance of monitoring top-traded coins on Binance for altcoin trading strategies.
Despite the recent downturn affecting the entire cryptocurrency market, the monthly trading volume suggests that XRP could recover swiftly.
Additionally, the recent market drop resulted in significant liquidations in the derivatives segment, totaling $1.40 billion, with XRP-related contracts contributing approximately $42 million as shown in the heatmap below:
Notably, Dogecoin and Solana experienced more significant liquidations compared to XRP, likely due to their larger price declines.
XRP Price Overview
During the recent market crash, XRP briefly fell below $2.00 but has since recovered and is currently trading around $2.10.
