According to data provided by CryptoQuant analyst JA Maartunn, XRP is the most traded alternative cryptocurrency on the Binance exchange in December.
The cryptocurrency has managed to generate more than $116.6 million in trading volume on the Binacne futures market.
In recent days, both Bitcoin and altcoins have seen substantial price drops. However, the CryptoQuant analyst is convinced that the XRP token could recover “relatively quickly.”
Earlier today, the price of XRP fell to an intraday low of $2.13, according to CoinGecko. It has underperformed other major cryptocurrencies, falling more than 4%.
The Ripple-pegged token is now down more than 25% from its multi-year high reached on December 3.
Data from CoinGlass shows that XRP open interest currently stands at $1.90 billion. The Binance exchange accounts for almost half of this sum ($812 million).
