XRP crashed along with the rest of the cryptocurrency market, but this analyst believes that this asset may be one of the easiest to recover quickly.
XRP is the altcoin with the highest trading volume on Binance this month.
In a new CryptoQuant Quicktake post, community analyst Maartunn discussed the comparison of altcoins based on monthly Binance futures trading volume.
Here, 'trading volume' refers to the metric that tracks the total amount of a particular asset traded on centralized exchanges. In the context of the current topic, the platform is Binance.
Below is the chart shared by the analyst, showing the monthly value trends of this indicator for various top altcoins in the field.
From the chart, it can be seen that for most months this year, Solana (SOL) dominated the trading volume on exchanges. However, the market has changed in recent months, and SOL has lost its top position.
Last month, Dogecoin (DOGE) successfully surpassed this asset to become the top altcoin in this metric, while this month, XRP has surpassed both of them.
So far, XRP's trading volume on exchanges has reached $116.6 billion. This number will definitely be higher, as there is still a third of December to go.
Although Binance cannot represent the entire industry, in terms of trading volume, the exchange is still the largest, so trends there can represent the broader market. 'Tracking the tokens with the highest trading volume on Binance is crucial, as they should be your main focus when trading altcoins,' Maartunn pointed out.
In the past few days, the entire cryptocurrency industry has experienced a crash. However, based on Binance's monthly trading volume, analysts say, 'XRP seems to be able to recover quickly.'
In other news, according to CoinGlass, the market crash over the past 24 hours has led to a large number of liquidations in the derivatives aspect of the cryptocurrency space.
As shown in the heatmap below, of the $1.4 billion in liquidations that occurred during this window, XRP-related contracts seem to have contributed about $42 million.
Interestingly, the gains of Dogecoin and Solana seem to be larger than those of XRP. This may be because the prices of these two assets experienced deeper declines as well.
XRP Price
During the recent crash, XRP briefly fell below the $2.0 level, but it seems that the currency has successfully risen above that level, with its price currently around $2.1.
