XRP has fallen along with the rest of the digital currency market, but this analysis believes that the asset could be the one to find a quick recovery.
XRP has been the highest traded Altcoin on Binance this month
In the new Quicktake CryptoQuant mailcommunity analyst Maartunn has discussed how the altcoins currently compare to each other based on their monthly Binance futures trading volumes.
The “trade volume” here referring to a token that keeps track of the total amount of specified assets involved in trading on a centralized exchange. In the context of the current topic, Binance is the platform.
Below is the chart shared by the analyst that shows the movement in the monthly value of this metric for several major altcoins in the sector.
From the graph, it is evident that in most months of this year, Solana (SOL) dominated the trading volume on the exchange. There has been a shift in the market in the last couple of months, however, as SOL has lost its dominant position.
Last month, it was Dogecoin (DOGE) that managed to surpass the asset to become the largest altcoin in this metric, and this month, XRP has pass them both.
To date, XRP has seen a trading volume of $116.6 billion on the exchange. This value is sure to go even higher, as there is still a third of the way to go in this month of December.
Although Binance does not account for the entire sector, the exchange is still the largest in terms of volume, so the movement there can be representative of the market in general. “It's important to keep an eye on the top traded coins on Binance, because they should be your main focus when trading altcoins,” said Maartunn.
In the last two days, the whole cryptocurrency sector has gone down a lot. Based on the Binance monthly volume, however, the analyst says, “XRP seems to be one that could recover quickly. “
In some other news, the market collapse in the last 24 hours has meant that the derivatives side of the cryptocurrency sector has recorded huge liquidaccording to data from CoinGlass.
Out of the $1.40 billion discounts that have taken place within this window, XRP-related contracts seem to have added about $42 million, as the heat map shows low showing.
Interestingly, Dogecoin and Solana seem to have seen more flow than XRP. This could be due to the fact that these two assets have also fallen more deeply in price.
XRP price online
During the latest crash, XRP briefly slipped below the $2.0 level, but the coin seems to have recovered above the mark for now as its price is trading around $2.1.
Featured image from Dall-E, CoinGlass.com, CryptoQuant.com, chart from TradingView.com
