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XRP Eyes Historic Milestone Amid 6% Trading Volume Boom

Wed, 29/05/2024 – 12:41

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XRP has recorded a relatively slower growth pace compared to altcoins like Shiba Inu (SHIB) over the past 24 hours. At the time of writing, XRP is changing hands for $0.5299, down by 0.6% in contrast to the combined crypto market cap that soared by 1.2% to $2.56 trillion.

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Despite this relative gloom, XRP has managed to hit 5.72% growth thus far this month, per data from Cryptorank. At this pace, XRP is on track to end the month at a bullish pace, maintaining a similar trajectory from May 2023, when it recorded a 9.84% rally. XRP’s historical data shows mixed sentiment, as it has recorded mostly losses in the month of May since 2014.

After falling by 4.4%, 34.4% and 28.4% in May 2020, 2021 and 2022, the digital currency broke its bearish streak when it rallied by 9.84% in May 2023. The rebound has been sustained, with XRP trading volume hinting at the bullish sentiment in the coin’s price from both spot and derivatives traders.

While XRP is primed to close May on a bullish note, there are doubts about its prospects in the coming month. The Cryptorank historical data shows that June remains one of the most bearish months for the coin. Since 2018, June has ended in the red for XRP, casting doubts on how the coin will beat this negative trend in the coming month.

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One crucial catalyst comes to mind in this push, and it hinges on the likely lawsuit settlement between Ripple Labs and the U.S. SEC. With the remedies argument already made, the parties are patiently waiting for the court verdict on the issue.

Besides this, advances in the XRP Ledger ecosystem might also help fuel a rebound that might prove essential for XRP in June.

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