Binance Altcoin Market Crowns XRP As December’s Champion – Details

Christian Encila

5 months ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

XRP has taken the cryptocurrency world by storm in December, becoming the most traded altcoin on Binance. According to recent data, the coin had an astounding trading volume of more than $116 million on Binance Futures, demonstrating its growing appeal with traders. Despite a tough market, XRP’s success stands out, especially given that other cryptocurrencies, such as Bitcoin, have had large price reductions.

Rising Interest Amidst Market Challenges

The digital currency market as a whole has recently experienced some volatility. Bitcoin and numerous altcoins have battled with falling values, but XRP appears to be doing better than many of its competitors. Though down 11% over the past week, the altcoin is still selling at roughly $2.25 and still shows a pretty decent 250% annual increase in value. This resilience draws investors looking for strong choices in a turbulent climate.

Binance’s Top Traded Altcoin in December ’24

“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.” – By @JA_Maartun

Full post 👇https://t.co/oR5GhIAZ9e pic.twitter.com/Kv9sZyy0vz

— CryptoQuant.com (@cryptoquant_com) December 23, 2024

Analysts have established a correlation between the velocity of XRP’s recovery from losses and recent declines in the currency. Analysts indicate that the digital asset’s trading volume is notably robust and dynamic in derivatives.

Derivatives trading for XRP increased by 34%, reflecting heightened trader interest in possible price movements. Nonetheless, the open interest in XRP contracts declined, indicating that certain traders might be liquidating their positions due to uncertainty.

XRPUSD is currently trading at $2.25. Chart: TradingView

Wallet Growth Signals Growing Adoption

The second positive signal coming for XRP is related to wallet holders growth. Santiment data indicates a rise in non-empty XRP wallets of 5.75 million over the past two years, meaning growth of 28%. An increase like this mirrors greater trends in increasing cryptocurrency acceptance seen with the bigger coins like Bitcoin and Ethereum.

😲 The past 2 years have seen big increases in cryptocurrency holders. Here are the number of non-exmpty wallets for crypto’s top 4 coins by market cap:

Bitcoin $BTC: 54.7M (+27% rise)
Ethereum $ETH: 134.9M (+47% rise)
Tether $USDT: 6.57M (+66% rise)
XRP $XRP: 5.75M (+28% rise) pic.twitter.com/rcd50VAikZ

— Santiment (@santimentfeed) December 23, 2024

The rise in wallet numbers shows that more investors are now ready to stick on XRP for the long run, therefore stabilizing its price and raising its market presence. XRP is predicted to be the center of attention for traders and investors both as curiosity rises.

Featured image from X/@RippleXrpie, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.