According to data provided by CryptoQuant analyst JA Maartunn, XRP is the most traded alternative cryptocurrency on the Binance exchange this December. 

The cryptocurrency has managed to generate more than $116.6 million in trading volume on the Binacne Futures market. 

Over the past few days, both Bitcoin and altcoins experienced substantial price drops. However, the CryptoQuant analyst is convinced that the XRP token would be able to recover “relatively quickly.” 

Earlier today, the XRP price plunged to an intraday low $2.13, according to CoinGecko. It has underperformed other major cryptocurrencies, plunging by more than 4%.

The Ripple-linked token is now down more than 25% from its multi-year high that was achieved on Dec. 3. 

CoinGlass data shows that XRP’s open interest currently stands at $1.90 billion. The Binance exchange accounts for nearly half of this sum ($812 million).