- XRP became the most traded altcoin on Binance in December
- Ripple Labs’ currency reached $116.6 billion traded on Binance futures
- XRP price currently trading at $2.18, down 11% over the past 7 days
In the midst of a weekly downturn, Ripple Labs’ XRP cemented itself as the most sought-after altcoin, excluding Ether, on one of the world’s largest cryptocurrency exchanges in December.
The data was reported by CryptoQuant and highlights the stellar performance XRP has had in recent times. In December, the asset became the most traded altcoin on the Binance exchange, exceeding several other coins such as SOL, and PEPE. XRP also outperformed November’s most traded altcoin: Dogecoin.Â
Overall, Ripple Labs’ currency reached a whopping $116.6 billion traded on Binance futures in December, more than triple the average volume seen for XRP from January until October. After gaining over 250% in value since the U.S. Election—this previously unseen dominance on the platform signals that investors are growing more interested on a highly liquid asset like XRP.
XRP Price Update
The currency is currently trading at $2.18, down 11% over the past 7 days. On the daily chart, XRP gained around 0.68% in value, with a high of $2.22 and a low of $2.13 on December 23rd.
While the recent price correction hit almost all cryptocurrencies, XRP appears to be able to withstand these losses better than the competition. For instance, the 11% losses seen on the week are less than Solana and Cardano losses. Also, the sum represents around half of the deficit seen by top memecoins Dogecoin and Shiba Inu.
The current price zones XRP trades at has proven a stronghold for buyers to defend the $2.20 level. Throughout December, the altcoin has only reached below this zone 3 different times, only to bounce right back above $2.30 shortly thereafter.
However, the market is expected to become slower and less liquid over the next couple of weeks as the holidays approach. But nonetheless—there is certainly a lot of momentum building for January.
XRP will likely be one of the most watched currencies in January, as the month will hold several key events that could directly affect the asset. For starters, Donald J. Trump will be taking office as the next U.S. President, an event for which Ripple Labs donated $5 million for the inauguration.Â
Adding to that, Gary Gensler—often viewed as the most antagonist actor by Ripple investors—will be stepping down from his role as SEC Chair. Once the commission is under new command, many anticipate the new Chair to drop the lawsuit against Ripple, another development that could directly impact the XRP price.
