Despite starting the month on a promising note, XRP's return for May has suddenly flipped negative amid the prolonged crypto market volatility.
While it is quite uncertain how much XRP will be worth at the close of the month, traders are beginning to lose confidence for a positive monthly close as volatility continues.
XRP flips negative for May
According to data from Cryptorank, XRP appears to be on the verge of continuing the prolonged monthly loss streak that was broken in April as it has lost gains it achieved earlier in the month.
As of Friday, May 29, the XRP return for the month of May has declined by 4.85%. While momentum remains bearish, analysts believe it is unlikely for XRP to recover its gains before May wraps up.
As of the time of writing, XRP is trading at $1.30 following a modest price surge of 0.87% over the last 24 hours. This is pretty far from the price it started the month with, which was around $1.40.
XRP institutional investors hold strong
The broad crypto market has remained negative for the past two weeks with the price of leading cryptocurrencies including Bitcoin, Ethereum and XRP consistently trading in a downward trajectory.
Despite the extremely volatile situation, XRP ETFs saw continued positive participation from institutional investors while other crypto assets saw their ETF products record rising withdrawals.
For the past two weeks, XRP ETFs have not recorded any withdrawal but steady inflows in each of its daily trading sessions. However, the Bitcoin and Ethereum ETFs have continued to bleed on nearly all days of the last two weeks.
While institutional participation remains intact, investors are hopeful for a potential price recovery for XRP in the next month.
Dan Burgin
