- XRP recorded $116.6 million trading volume on Binance Futures, becoming the most traded altcoin on the platform this December.
- Despite a sharp 25% drop from its Dec. 3 peak, analysts foresee XRP’s potential for a swift recovery in 2025, fueled by bullish market catalysts.
What happened: XRP tops Binance altcoin trading in december
XRP has become the most-traded altcoin on Binance this December, achieving over $116.6 million in trading volume on Binance Futures. Despite a broader cryptocurrency market downturn, XRP maintained its momentum, ranking as the fifth most-traded cryptocurrency globally with $9.6 billion in daily trading volume. The Ripple-linked token’s open interest currently stands at $1.9 billion, with Binance accounting for $812 million, followed by Bitget and OKX.
Earlier in December, XRP hit a multi-year high, propelled by significant buying activity from Coinbase whales. However, it has since fallen by more than 25% from that peak. While its rally briefly flipped Bitcoin in trading volume within South Korea, the heightened interest was short-lived, as Google search volume for XRP subsided. Nonetheless, analysts suggest that the token is poised for recovery, supported by strong trading interest and potential bullish catalysts in 2025, such as the growing ETF buzz in the U.S.
Also read: Crypto crash: Bitcoin, XRP, and Dogecoin lose $1.17B
Also read: XRP surpasses $100B market cap, soars 30% in a week
Why it is important
XRP’s emergence as the most-traded altcoin on Binance reflects its resilience and appeal amidst volatile market conditions. The cryptocurrency’s ability to maintain robust trading activity highlights strong investor interest, even as it contends with a 25% dip from its December peak. Such trading patterns underscore XRP’s pivotal role in the altcoin market, bolstered by its substantial $1.9 billion open interest.
This performance is especially noteworthy considering the broader market downturn, with both Bitcoin and altcoins experiencing sharp declines. The token’s dominance on Binance, the world’s largest cryptocurrency exchange, cements its position as a key player in the crypto ecosystem. Analysts’ predictions of a swift recovery signal optimism, particularly as XRP stands to benefit from favorable macroeconomic trends, including growing interest in ETFs in the U.S.
The event also reaffirms the importance of whale activity in driving short-term market rallies, as seen during its early December surge. As XRP continues to capture market attention, it could shape investor sentiment and trading strategies in the coming years.
