During the past few days, the price of XRP went through considerable turbulence, crashing from $2.60 to below $2 at one point. Since December 21st, the cryptocurrency has managed to consolidate above $2.20, where it’s currently trading.
While many market experts are debating on whether or not the XRP bull run is over, it appears that the volatility has caused a massive uptick in trading volume, particularly on Binance.
According to a CryptoQuant analyst, XRP has become the most traded altcoin and the leading exchange for December so far.
To be more precise, XRP is the most traded altcoin on the Binance Futures platform, and not on the spot market. It has achieved a trading volume of around $116 billion, with December not yet finished.
“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.”
On December 21st, the popular trader and market analyst Ali Martinez told his followers that the current level of $2.20 is pivotal for the future price of XRP. He maintained that if XRP can “hold above $2.20, it might consolidate for a while before taking another shot at the $2.70 resistnace.” On the other hand, though, the trader said that if this support breaks, a “downswing to $1.96 becomes imminent.”
Meanwhile, XRP trades at a 3% increase for the day, but remains almost 11% down during the past week with a total 24-hour trading volume of around $7 billion across all exchanges.
Read the full article here