XRP Has Been the Top Traded Altcoin on Binance This Month, Analyst Thinks the Asset Could Recover Quickly

In a new CryptoQuant Quicktake post, community analyst Maartunn has talked about how the altcoins currently compare against each other based on their monthly Binance futures trading volumes.

As XRP continues to crash alongside the rest of the cryptocurrency market, one analyst thinks the asset could be the one to find a quick recovery.

According to a new CryptoQuant Quicktake post, community analyst Maartunn discussed how the altcoins currently stack up against each other based on their monthly Binance futures trading volumes.

The “trading volume” here refers to an indicator that keeps track of the total amount of a given asset that’s becoming involved in trading on a centralized exchange. In this case, the platform is Binance.

The below chart shared by the analyst shows how this metric has trended on a monthly basis for several of the top altcoins in the space.

As you can see from the graph, Solana (SOL) dominated the trading volume on the exchange for most months this year. However, the market has shifted in the past couple of months and SOL has lost its number one spot.

Last month, Dogecoin (DOGE) managed to beat out the asset to become the number one altcoin in this metric, and this month, XRP has overtaken both of them.

So far, XRP has seen trading volume amounting to $116.6 billion on the exchange. This value is also bound to increase considering that December is only two-thirds of the way through.

While Binance doesn’t account for the entire sector, the exchange does boast the highest volume, and thus the trend on there can be indicative of the broader market.

“It’s crucial to track the top-traded coins on Binance as they should be your main focus when trading altcoins,” Maartunn notes.

In recent days, the entire crypto market crash has taken place. However, based on the monthly Binance volume, the analyst concludes that “XRP seems to be one that could recover quickly.”

In other news, the market downturn in the last 24 hours has seen the derivatives side of the cryptocurrency market clock in a huge amount of liquidations, data from CoinGlass show.

Out of the $1.40 billion liquidations that were realized in this period, XRP-related contracts appear to have contributed for roughly $42 million, as per the heatmap below.

Interestingly, Dogecoin and Solana both saw a deeper flush than XRP, which could be due to the fact that both of these assets also saw a deeper price drawdown.

XRP Price at the Moment

During the latest crash, XRP briefly slipped below the $0.20 level, but it seems to have recovered back above the mark for now as its price is trading at $0.21.