XRP has been one of the worst performing major cryptocurrencies throughout 2019, as it failed to garner any upwards momentum throughout the first half of the year, unlike Bitcoin and all the other major altcoins.
This bearishness has shown no signs of letting up any time soon, and analysts are now noting that the embattled cryptocurrency could be positioned to see significant further losses in the near-term as it continues to remain stuck below a key long-term resistance level.
XRP Fails to Garner Bullish Momentum as Analysts Look Towards Further Downside
XRP has been caught within the lower-$0.20 for a significant amount of time, ranging between roughly $0.21 and $0.23 in the time since it experienced a capitulatory drop in late-November that sent it to lows of $0.20 concurrently with Bitcoin’s drop to $6,500.
Like Bitcoin, XRP also incurred a significant amount of buying pressure after this drop that allowed it to post some distance between these lows.
Over a larger time frame, it becomes abundantly clear that XRP is firmly in the control of sellers, as it is currently trading down significantly from its monthly highs of just under $0.30.
This bearishness may not end anytime soon, as Jonny Moe, a popular cryptocurrency analyst on Twitter, recently pointed to a chart showing that XRP may retrace by as much as 70% before finding any meaningful long-term support.
— Jonny Moe (@JonnyMoeTrades) December 5, 2019
The bearish sentiment offered by Moe may not be unwarranted, as other analysts are also noting that XRP is likely to see significantly further downside in the near term.
Teddy, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that XRP’s price is still incredibly weak and struggling to break above a resistance level that was set over 700 days ago.
“#RIPPLE | $XRP: It has been 8 weeks that price has been testing a resistance imposed 700+ days ago. Any updates? nah, still weak as hell – regardless of you, your mother and neighbor shilling it. Statistically speaking, its more like to go to zero than $589,” he said while referencing the chart seen below.
It has been 8 weeks that price has been testing a resistance imposed 700+ days ago.
Any updates? nah, still weak as hell – regardless of you, your mother and neighbour shilling it 📈
Statistically speaking, its more like to go to zero than $589
— TEDDY ⛓️📉 (@teddycleps) December 7, 2019
Unless Bitcoin and the aggregated crypto markets incur a massive amount of upwards momentum in the near-term, it is highly probable that XRP investors will continue to see extreme weakness.