XRP Emerges as Top Traded Altcoin on Binance Despite Market Downturn

XRP has emerged as the most traded alternative cryptocurrency on Binance this December, according to data from CryptoQuant analyst JA Maartunn.

XRP emerged as the most traded alternative cryptocurrency on Binance in December, with over $116.6 million in trading volume on Binance Futures. This reflects strong trader interest in the cryptocurrency despite the broader market decline.

While both Bitcoin and altcoins experienced price drops over the past week, XRP is expected to recover “relatively quickly” from recent losses, according to CryptoQuant analyst JA Maartunn. XRP was trading at $2.19 at press time, with a 24-hour trading volume of $10.12 billion.

The token experienced a -1.41% decline over the past 24 hours and a -11.08% drop in the past 7 days. This places XRP's market cap at $125.29 billion.

Derivatives Data Indicates Mixed Market Sentiment

Increased activity was observed in XRP's derivatives market, reflecting the heightened volatility in the cryptocurrency. Trading volume surged by 34.10% to reach $7.72 billion, indicating strong participation by traders.

However, open interest fell slightly by 1.23% to reach $1.92 billion, suggesting that some traders closed positions amid the increased activity.

Meanwhile, options activity saw notable growth, with volume rising by 17.41% and open interest increasing by 16.20%. This suggests traders are positioning themselves for large price movements, either as a hedge or engaging in speculative bets.

Long/short data reveals mixed sentiment, with the global ratio at 0.9673, leaning towards bearish sentiment. However, Binance (2.89) and OKX (2.01) traders show a strong long bias, especially among top traders.

Volatility Leads to $7.56M in Liquidations

Recent market movements led to liquidations of $7.56 million in 24 hours, with $4.86 million in longs and $2.70 million in shorts being liquidated.

This data reflects the current bearish trend, as long positions faced heavier losses. Despite this, top traders on Binance and OKX maintain bullish sentiment with strong long positions.

This contrast suggests that while short-term sentiment appears bearish, some traders remain optimistic about XRP's potential for price recovery.

XRP Sees Growth in Wallet Numbers and Investor Interest

Data from Santiment reveals an increase in XRP wallet holders, reflecting a broader trend of rising cryptocurrency adoption. Over the past two years, XRP's number of nonempty wallets expanded by 5.75 million, marking a 28% increase.

CoinGecko data reveals XRP's price has risen by 253% year-on-year, showcasing growing investor interest. This growth in both wallet numbers and price aligns with a broader increase in cryptocurrency adoption, with similar trends observed in Bitcoin, Ethereum, and Tether.

XRP's resilience and rising popularity continue to position it as a key player in the digital asset space.