2024-12-23 15:30 |
XRP ranked top among the most traded altcoins in December after a period marked with mixed movements. The asset price spiked to new highs not seen in three years before dropping nearly in two weeks. Despite this trend, it ranked above major altcoins in several metrics.
Recent data shows XRP became the most traded altcoin on Binance in December. With days left to the new year, the asset’s volumes continue to soar alongside its institutional funds. On the Binance futures market, the asset’s trading volume hit a staggering high of $116.6 billion with slight periods of sideways trading.
According to Maartum, XRP has shown signs of recovery above other assets in the past 48 hours. This follows high sell pressure that plagued Bitcoin and the wider market, with some coins posting double-digit outflows.
“XRP is the most traded altcoin on the Binance Futures market, with a trading volume of 116.6B already, and the month isn’t over yet. It’s important to track the top-traded coins on Binance, as they should be your main focus when trading altcoins. In the past two days, both Bitcoin and altcoins have experienced large declines. XRP seems to be one that could recover quickly.”
Trading volumes on Binance are closely monitored to give traders a general sense of the market. Binance, the largest cryptocurrency exchange by trading volumes, is a major driver due to major whale and retail activity.
Institutional Players Drive XRP VolumeThe activities of traditional and large stakeholders bolstered investor confidence in crypto assets. After the United States election, investors dominated the scene, setting sights on new gains. New flows sent the price of Bitcoin above $90K before hitting higher levels. This sparked a similar momentum in altcoins, with XRP and Solana being the biggest gainers.
XRP jumped to a three-year high, temporarily outpacing Tether by market cap. Trading at $2.6, its market cap topped $130 billion alongside surging trading volumes. Institutional investors flooded XRP for two reasons; its utility in cross-border payments and anticipated clear rules in the United States.
Over the years, Ripple has tapped several central banks and organizations towards cross-border payments and Central Bank Digital Currency (CBDC) architecture. The company also faced headwinds after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for offering unregistered securities. Donald Trump’s win promises clearer rules in the U.S., driving traction back to the asset.
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