XRP Could Be The Altcoin To Recover Quickly, CryptoQuant Analyst Explains Why
21 Dicembre 2024 - 9:00AM
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XRP has crashed alongside the rest of the cryptocurrency market,
but this analyst thinks the asset could be the one to find a quick
recovery. XRP Has Been The Top Traded Altcoin On Binance This Month
In a new CryptoQuant Quicktake post, community analyst Maartunn has
talked about how the altcoins currently compare against each other
based on their monthly Binance futures trading volumes. The
“trading volume” here refers to an indicator that keeps track of
the total amount of a given asset that’s becoming involved in
trading on a centralized exchange. In the context of the current
topic, the platform is Binance. Below is the chart shared by the
analyst that shows the trend in the monthly value of this metric
for various top altcoins in the sector. From the graph, it’s
apparent that during most months of this year, Solana (SOL)
dominated the trading volume on the exchange. A shift has occurred
in the market during the past couple of months, however, as SOL has
lost its number one spot. Last month, it was Dogecoin (DOGE) that
managed to surpass the asset to become the number one altcoin in
this metric, while this month, XRP has overtaken both of them. So
far, XRP has seen trading volume amounting to $116.6 billion on the
exchange. This value is also certain to go even higher, as this
month of December still has one-third of the way to go. While
Binance doesn’t make up for the entire sector, the exchange is
still the largest in terms of volume, so the trend on there can be
representative of the wider market. “It’s important to track the
top-traded coins on Binance, as they should be your main focus when
trading altcoins,” notes Maartunn. During the last couple of days,
the entire cryptocurrency sector has witnessed a crash. Based on
the monthly Binance volume, though, the analyst says, “XRP seems to
be one that could recover quickly.” In some other news, the market
plummet in the last 24 hours has meant that the derivatives side of
the cryptocurrency sector has registered a massive amount of
liquidations, according to data from CoinGlass. Out of the $1.40
billion liquidations that have occurred inside this window,
XRP-related contracts seem to have contributed for around $42
million, as the below heatmap shows. Interestingly, Dogecoin and
Solana appear to have seen a larger flush than XRP. This may be
down to the fact that both of these assets have also witnessed a
deeper price drawdown. XRP Price During the latest crash, XRP
briefly slipped under the $2.0 level, but it seems the coin has
managed to recover 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
Grafico Azioni Solana (COIN:SOLUSD)
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Da Nov 2024 a Dic 2024
Grafico Azioni Solana (COIN:SOLUSD)
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Da Dic 2023 a Dic 2024