According to U.Today, XRP has experienced a slower growth rate in the past 24 hours compared to other altcoins such as Shiba Inu (SHIB). Currently, XRP is trading at $0.5299, a 0.6% decrease, while the overall cryptocurrency market cap has increased by 1.2% to $2.56 trillion. Despite this, XRP has achieved a 5.72% growth this month, according to data from Cryptorank. If it continues at this rate, XRP is expected to end the month on a bullish note, similar to its performance in May 2023 when it rallied by 9.84%.
XRP's historical data reveals a mixed sentiment, with the digital currency recording mostly losses in the month of May since 2014. After experiencing declines of 4.4%, 34.4%, and 28.4% in May 2020, 2021, and 2022 respectively, XRP broke its bearish streak with a 9.84% rally in May 2023. This rebound has been sustained, with XRP's trading volume indicating a bullish sentiment from both spot and derivatives traders.
However, there are concerns about XRP's prospects in the upcoming month. Cryptorank's historical data shows that June has been one of the most bearish months for the coin since 2018, raising questions about how XRP will overcome this negative trend. A key factor that could influence this is the potential lawsuit settlement between Ripple Labs and the U.S. SEC. Both parties are currently awaiting the court's decision. Additionally, developments in the XRP Ledger ecosystem could also contribute to a rebound that could be crucial for XRP in June.