Also the largest altcoin by trading volume on Bina.
Despite recent price movements not being impressive, XRP continues to break key metrics and solidify its position as a major player in the cryptocurrency market.
A recent study by the analysis platform CryptoQuant confirms that XRP is the most traded altcoin on Bina Futures as of December 2024.
Reports show that to date, XRP's trading volume has reached an astonishing $116.6 billion, and the month is not yet over.
XRP outperformed Solana and Dogecoin in trading volume.
On Bina, the second highest trading volume after XRP is Dogecoin, which is the largest meme coin by market capitalization. So far, Dogecoin's trading volume is $58.63 billion, while XRP's trading volume is twice that, indicating stronger investor interest.
Following closely, Solana's trading volume is further behind XRP, with SOL's trading volume to date at $49.33 billion. This month, other assets with the highest trading volume on Bina Futures include PEPE ($27.47 billion), Bina ($18.61 billion), and SUI ($14 billion). Notably, this metric does not include trading volumes of Ethereum and Bitcoin.
During times of increased market volatility, XRP's performance stands 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 continued demand on major platforms like Bina, it may be one of the first currencies to rebound.
XRP futures trading volume on Bina from a few months ago.
Previously, XRP's trading volume on the Bina Futures market was relatively flat, 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 soared to $0.74 in a single day. Notably, during this time, 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 until October. A major turning point 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, the surge in XRP's trading volume coincides with its impressive price movements that skyrocketed from $0.49 to nearly $3, a fivefold increase. However, bearish sentiment currently dominates 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 may 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 increased by 38%. Solana and Dogecoin increased by 8% and 84%, respectively. Other impressive performances include Cardano (ADA), which increased by 160%, and Chainlink (LINK), which increased by 99%.
Finally, with Trump's rise to power and the SEC's change in personnel, both are positive for XRP, so the upcoming market for XRP is worth looking forward to.
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