According to data from analyst JA Maartunn of CryptoQuant, XRP is currently the most actively traded altcoin on the Binance exchange this December. This cryptocurrency has recorded trading volumes exceeding $116.6 million on the Binance Futures market.
In the past few days, both Bitcoin and altcoins have experienced significant price declines. However, CryptoQuant analysts suggest that the XRP token has the potential for a 'relatively quick' recovery.
Source: CryptoQuant
XRP's price fell to a daily low of $2.13 overnight before recovering 3.4% to $2.23 at the time of writing. Nevertheless, this token is currently underperforming compared to other major cryptocurrencies. XRP has dropped more than 25% from its yearly high achieved on December 3, when the involvement of Coinbase whales propelled a strong rally for this coin.
Data from CoinGlass shows that XRP's open interest (OI) currently stands at $1.9 billion, with nearly half of that ($812 million) belonging to the Binance exchange. Bitget and OKX rank second and third, respectively. In the past 24 hours, XRP recorded a trading volume of up to $8.5 billion, making it the fifth most traded cryptocurrency, following Bitcoin, Tether (USDT), Ethereum, and USDC.
During a strong rally earlier this month, XRP even surpassed Bitcoin in trading volume in the South Korean market. Furthermore, this altcoin also reached an all-time high in search volume on Google. However, this frenzy did not last long.
Nevertheless, XRP has the potential to benefit from several price-driving factors in 2025, including the increasing attention on ETF funds in the United States.
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