In recent days, XRP has witnessed significant price fluctuations, plunging from $2.60 to under $2 at one stage. However, since December 21st, XRP has stabilized above the $2.20 mark, where it currently trades. This turbulence has sparked discussions among market analysts about the longevity of XRP's bullish momentum. Amidst this uncertainty, trading activity has surged, notably on Binance.
XRP has emerged as the most traded altcoin for December, according to a CryptoQuant analyst.
Notably, this prominence is concentrated on the Binance Futures market, where XRP's trading volume has reached an impressive $116 billion, with the month yet to conclude. Tracking the most actively traded coins on Binance is crucial for altcoin traders, as evidenced by the significant declines observed in both Bitcoin and altcoins over recent days. XRP is viewed by some as a potential candidate for a swift recovery.
Prominent market analyst Ali Martinez, on December 21st, emphasized the importance of the $2.20 price level for XRP's future trajectory.
He asserted that maintaining above $2.20 might allow for some consolidation before attempting to breach the $2.70 resistance again. Conversely, failure to uphold this support could lead to a decline to $1.96.
Despite experiencing a 3% daily increase, XRP remains down nearly 11% over the past week. It sustains a 24-hour trading volume of approximately $7 billion across all platforms.