The crypto market has traded mainly on the positive side over the last week, and XRP has just recorded the biggest weekly inflow of the month according to the latest data provided by SosoValue.
Despite the negative record seen last week, the XRP ETFs have shown signs of recovery as the broader crypto market sees sentiment flip to extremely bullish, sparking notable demand from institutional investors.
XRP registers $28.17 million in fresh capital
While the XRP ETF market recovery has followed a notable increase in the price of XRP in the last seven days, it appears that institutional investors have become more optimistic about the asset's future price potential.
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Hence, they have doubled down on their investments in the XRP-based investment product. As such, the XRP funds have achieved a combined inflow of $28.17 million in the past week.
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While this comes after a week of extremely low performance, this marks the first and highest weekly inflow recorded by the XRP ETFs in May.
With this resurgence in institutional demand, XRP has continued to show signs of a potential price breakout as it has traded consistently above the $1.40 zone over the period.
What's next for XRP in May?
While the last month proved to be a strong breakout month for XRP following the prolonged volatility seen in the previous months, the asset has retained the bullish momentum in May.
As such, market watchers have become highly optimistic for a bigger price move in May as XRP has traded mainly on the upside so far this month.
With the asset currently hovering around $1.40 as of the time of writing, analysts have predicted that the asset could hit the $2 mark before the month runs out.
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