This article is also available in Spanish.
XRP has crashed along with the rest of the cryptocurrency market, but this analyst thinks the asset could be the one to get the fastest recovery.
XRP Has Been Binance’s Best-Selling Altcoin This Month
In a new CryptoQuant Quicktake post, community analyst Maartunn talked about how altcoins currently compare against each other based on their monthly Binance futures trading volume.
“Trading volume” here means an index that tracks the total amount of a particular asset involved in trading on a central exchange. In the context of the current article, the platform is Binance.
Below is a chart shared by an analyst showing the monthly price trend of this metric for various top altcoins in the sector.
From the graph, it is clear that during most of the months of this year, Solana (SOL) was holding the trading volume in the exchange. A change has occurred in the market over the past few months, however, as SOL has lost its top spot.
Last month, it was Dogecoin (DOGE) that managed to leapfrog the commodity to become the number one altcoin in this metric, while this month, XRP reached both.
To date, XRP has seen a trading volume of up to $116.6 billion in trading. This number is sure to go up even more, as this month of December still has one third of the way to go.
While Binance isn’t producing across the board, the exchange is still large in terms of volume, so trends there can represent the broader market. “It’s important to track the top-selling coins on Binance, as they should be your primary focus when trading altcoins,” Maartunn noted.
In the past few days, the entire cryptocurrency industry has seen a crash. Based on Binance’s monthly volume, however, the analyst says, “XRP appears to be recovering quickly.”
In other news, the market decline in the past 24 hours means that the exit side of the cryptocurrency sector has registered a large number of liquidations, according to data from CoinGlass.
Of the $1.40 billion in closings that occurred within this window, XRP-related contracts appear to have contributed about $42 million, as the heat map below shows.
Interestingly, Dogecoin and Solana seem to have seen a bigger flush than XRP. This may be due to the fact that both these commodities have also seen deep price declines.
XRP price
During the recent crash, XRP dipped slightly below the $2.0 level, but it seems that the coin has managed to bounce back 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
Source link