In December, XRP took the crypto world by storm, becoming the most traded altcoin on Binance. According to recent data, the token has seen a staggering trading volume of over $116 million on Binance Futures, indicating its growing appeal to traders. Despite a tough market, XRP’s success is notable, especially considering the significant price drops of other cryptocurrencies like Bitcoin.
Interest grows amid market challenges
The entire digital currency market has been experiencing some volatility recently. Bitcoin and numerous altcoins have struggled with a drop in value, but XRP seems to be holding up better than many of its competitors. Despite an 11% drop over the past week, the altcoin is still selling for around $2.25 and the value is still showing a pretty decent 250% year-over-year gain. This resilience has attracted investors looking for a strong pick in a volatile environment.
Top altcoins by trading volume on Binance, December 2024
“XRP is the most traded altcoin on Binance Futures Market with a volume of 116.6 billion and the month is not over yet.
Analysts have identified a correlation between how quickly XRP has recovered from its losses and the currency’s recent decline. Analysts note that trading volumes for the digital asset have been particularly strong and vibrant in derivatives.
XRP derivatives volumes rose 34%, reflecting traders’ heightened interest in possible price moves. Still, open interest in XRP contracts fell, suggesting some traders may have closed positions due to uncertainty.
Wallet growth signals growing adoption
The second positive signal for XRP is related to the growth of wallet holders. According to Santiment data, the number of non-empty XRP wallets has increased by 5.75 million in the past two years, which means an increase of 28%. Such growth reflects the increasing acceptance of large currencies such as Bitcoin and Ethereum.
😲 The number of cryptocurrency holders has increased significantly over the past two years. Here are the number of non-empty wallets for the top 4 coins by market cap:
Bitcoin $BTC: 54.7 million (+27% increase) Ethereum $ETH: 134.9 million (+47% increase)
Tether $USDT: 6.57 million (+66% increase) XRP $XRP: 5.75 million (+28% increase)
