In December 2024, XRP emerged as the most traded alternative cryptocurrency on the Binance exchange, despite its recent price drop.
XRP's Leading Position on Binance
In December 2024, XRP became the most traded altcoin on Binance with a trading volume exceeding $116.6 million on Binance Futures. This occurred at a time when many cryptocurrencies, including Bitcoin, have seen price declines. Despite a 25% price drop from its high on December 3, XRP remains one of the most traded cryptocurrencies on the market. XRP even briefly surpassed Bitcoin in trading volume in South Korea.
Rising Wallet Activity
One reason for XRP's strong performance is the increase in the number of people holding and using XRP. After the U.S. SEC's 2023 ruling that it is not a security, investors gained more confidence in the token, leading to a significant rise in active wallets. According to Santiment, the number of wallets holding XRP has grown significantly, with 5.75 million new wallets added over the past two years.
Conclusion
Despite recent price drops, analysts believe that XRP will recover quickly compared to other altcoins due to its resilience and growing popularity among investors. With more users adopting XRP and new opportunities in 2025, such as the U.S. ETF buzz, XRP is likely to continue performing well.
XRP continues to maintain its popularity among traders, being the most traded altcoin on Binance and showing significant growth in new users.
