- XRP topped as the most traded altcoins in Binance Futures.
- XRP’s short-term recovery was at a crossroads despite massive trading volume.
In December, Ripple [XRP] was the most traded altcoin in the Binance Futures market. According to CryptoQuant’s JA Maartunn, XRP topped this monthly trading volume with over $116 billion as of 20th December.
He said,
“XRP is the most traded altcoin on the Binance Futures market, with a trading volume of 116.6B already, and the month isn’t over yet. It’s important to track the top-traded coins on Binance, as they should be your main focus when trading altcoins.”
Source: CryptoQuant
Martunn added that XRP’s massive volume could set it up as the quickest to rebound amongst the altcoins.
XRP recovery prospects
Coinglass data showed that XRP’s total Open Interest (OI) was $2.05 billion at press time, with Binance accounting for nearly 42% ($851 million) in the past 24 hours. The Binance reading was a 6% increase over the same period.
For context, OI tracks the amount of money invested in XRP’s derivatives market, indicating market sentiment. A positive surge in OI can be seen as bullish.
However, the 12-hour price charts painted a cautious outlook in the short term. XRP has been in a downtrend since early December, shedding nearly 24% as of this writing. After last Friday’s 15% pump, XRP entered a tight consolidation below $2.3.
Source: XRP/USDT, TradingView
Failure to hold above the 50-day Moving Average could lower the altcoin to the range-low of $1.9, which has acted as a liquidity pool since early December.
Conversely, a continued recovery to the upper channel could yield another 20% gains. However, the market was at a crossroads at press time, as illustrated by the nearly neutral RSI.
Read Ripple [XRP] Price Prediction 2024-2025
That said, the liquidation heatmaps showed that the upside liquidity was concentrated at $2.4 and $2.3 (bright yellow levels). A short squeeze driven by a liquidity hunt could likely push XRP to $2.4 and the upper channel.
Source: Coinglass
