XRP is emerging as the most traded altcoin on Binance. According to CryptoQuant analyst JA Maartunn, this crypto has racked up a trading volume of over $116.6 million on the Binance Futures market.
XRP volume to the Moon?
Despite a rough patch for Bitcoin and other altcoins, XRP seems to be holding its own.
The price did take a hit earlier today, dipping to an intraday low of $2.13 before bouncing back slightly to around $2.22. It’s still down more than 25% from its multi-year high reached on December 3.
Maartunn is quite optimistic, suggesting that XRP could bounce back “relatively quickly.” After all, corrections are part of the game in the volatile world of cryptocurrency.
The numbers behind XRP
Right now, XRP’s open interest stands at $1.90 billion, with Binance accounting for nearly half of that at $812 million, so this shows that there’s still plenty of interest in trading XRP no matter how big are the price fluctuations.
It’s been a challenging time for many cryptocurrencies lately. With Bitcoin and altcoins experiencing big price drops, investors are understandably jittery.
Just last week, XRP saw a decline of over 4%, which isn’t exactly what anyone wants to see after a strong rally earlier this month.
Traders’ wishes
As we head into the final days of 2024, all eyes are on XRP and its potential recovery.
Analysts are keeping their fingers crossed that this altcoin can regain its footing and possibly even reach new heights in the coming months.
Have you read it yet? XRP ETF approval is on the horizon?
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