XRP gave back all early May gains...monthly return 'negative'

▲ XRP/ChatGPT generated image

XRP has given back all of its early May gains, with its monthly return turning negative again, as deteriorating investor sentiment puts pressure on its price trend.

According to crypto media outlet U.Today on May 29 (local time), XRP's May return dropped to minus 4.85% as of Friday. XRP started the month with a positive trend, but prolonged volatility in the cryptocurrency market caused its monthly return to turn negative again.

According to Cryptorank data, XRP is highly likely to resume its long-term monthly loss streak, which it broke in April. U.Today reported that with May drawing to a close, XRP lost the gains it secured earlier in the month, and market momentum also leaned bearish.

At the time of reporting, XRP was trading at $1.30, a slight increase of 0.87% over the past 24 hours. However, this is still lower compared to its price of approximately $1.40 at the beginning of the month. U.Today pointed out that as volatility continues, traders have begun to lose confidence in a positive monthly close.

The overall cryptocurrency market has also continued its bearish trend over the past two weeks. U.Today reported that major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP continued to show a downward price trend. However, XRP ETFs recorded net inflows on every trading day over the past two weeks due to continued participation from institutional investors, while Bitcoin ETFs and Ethereum ETFs experienced outflows on most trading days during the same period.

With institutional participation sustained, investors are hoping for a potential recovery in XRP's price next month. U.Today stated that it is uncertain whether XRP can turn its May return back into positive territory, but the ETF fund flows showed a different pattern compared to other major cryptocurrency ETFs.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*