XRP has fallen along with the rest of the cryptocurrency market, but this analyst believes the asset could recover quickly.

XRP was the most traded Altcoin on Binance this month

In the modern CryptoQuant Quicktake postcommunity analyst Maartunn shared how altcoins currently compare to each other based on their monthly futures trading volumes on Binance.

“Trading volume” here refers to a metric that tracks the total amount of a given asset traded on a centralized exchange. In the context of the current topic, the platform is Binance.

Below is a chart provided by the analyst that shows the trend of the monthly value of this indicator for various top altcoins in the sector.

The chart shows that during most months of this year, the trading volume on the stock exchange was dominated by Solana (SOL). However, there has been a shift in the market over the last few months as SOL has lost its number one position.

Last month, Dogecoin (DOGE) managed to surpass this asset to become the number one altcoin in this respect, while this month XRP overtook both assets.

To date, the trading volume of XRP on the exchange has reached $116.6 billion. This number is sure to escalate even more with December still a third of the way to go.

While Binance does not compensate for the entire sector, the exchange is still the largest in terms of volume, so its trend may be representative of the broader market. “It’s important to keep track of the coins that are most traded on Binance, as these are where the most focus should be when trading altcoins,” notes Maartunn.

Over the past few days, the entire cryptocurrency sector has experienced a meltdown. However, based on Binance’s monthly volume, the analyst says that “XRP appears to be the one that could recover quickly.”

In other news, the keen decline in the market over the last 24 hours means that a huge number of liquidations have been recorded in the cryptocurrency sector, according to data from the derivatives sector. CoinGlass.

Of the $1.40 billion in liquidations that occurred during this window, XRP-related contracts appear to have generated approximately $42 million, as the heat map below shows.

Interestingly, Dogecoin and Solana seem to have seen more color than XRP. This may be due to the fact that both of these assets also experienced a deeper decline in prices.

XRP price

During the recent crash, XRP briefly dipped below the $2.0 level, but the coin seems to have managed to get back above the level for now as its price is hovering around $2.1.

Featured image from Dall-E, CoinGlass.com, CryptoQuant.com, chart from TradingView.com