Also, it is the largest traded altcoin on Bina.
Despite recent price movements being unimpressive, XRP continues to break key metrics and solidify its position as a major player in the cryptocurrency market.
A recent study by analysis platform CryptoQuant confirms that XRP is the most traded altcoin on Bina Futures as of December 2024.
Reports show that so far, XRP's trading volume has reached an astonishing $116.6 billion, and the month is not over yet.
XRP has outperformed Solana and Dogecoin in trading volume.
On Bina, the second-largest trading volume after XRP is Dogecoin, the largest meme coin by market cap. So far, Dogecoin's trading volume is $58.63 billion, while XRP's volume is twice that figure, indicating stronger investor interest.
Following closely, Solana's trading volume further lags behind XRP, with SOL's trading volume so far at $49.33 billion. Other assets with the highest trading volume on Bina Futures this month include PEPE ($27.47 billion), Bina ($18.61 billion), and SUI ($14 billion). Notably, this metric does not include Ethereum and Bitcoin's trading volumes.
During periods of increased market volatility, XRP has stood out. In recent days, Bitcoin and altcoins have experienced significant declines, shaking traders' confidence.
Meanwhile, CryptoQuant's market observer JA Maartun believes that due to XRP's liquidity and sustained demand on major platforms like Bina, it could be one of the first currencies to rebound.
XRP futures trading volume on Bina from previous months.
Previously, XRP's trading volume in the Bina Futures market was relatively modest, averaging less than $30 billion. For instance, in the first quarter of this year, XRP's highest trading volume was $43 billion, recorded in March, when its price surged to $0.74 within a day. Notably, during this period, Solana's trading volume reached $161 billion, leading the way.
However, XRP's trading volume deteriorated in the second quarter, with July's monthly trading volume dropping to $10 billion. This trend continued into October. A major turnaround occurred in November when XRP's trading volume reached $104 billion, although it still lagged far behind Dogecoin's $207 billion during the same period.
Since November, XRP's surge in trading volume corresponds with its impressive price movements that skyrocketed from $0.49 to nearly $3, a fivefold increase. However, bearish sentiment is currently dominating the cryptocurrency market, affecting XRP's price. Nevertheless, its trading volume remains higher than Dogecoin and Solana, which are among the most popular currencies in the market.
Currently, market analysts believe that, given the current indicators, XRP could be one of the first currencies to rebound. XRP's current trading price is $2.23, up 0.44% in the past day.
Since Trump's victory, XRP has seen the largest increase.
Additionally, another disclosure from Sistine Research shows that since Donald Trump's victory in the presidential election in November, XRP has been the cryptocurrency market's largest gainer.
Specifically, XRP's increase is 328%, while Bitcoin and Ethereum have seen increases of 38%. Solana and Dogecoin have increases of 8% and 84%, respectively. Other impressive performances include Cardano (ADA) with an increase of 160% and Chainlink (LINK) with an increase of 99%.
Finally, with Trump's rise to power and the SEC's personnel changes, both are positive for XRP, making its upcoming market performance worth looking forward to.
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