XRP was once again rejected after attempting to break above its near-term resistance level at $0.27, and its current price action is closely mirroring that of Bitcoin and other major altcoins.<\/p>\n\n\n\n
Analysts are now noting that XRP has not yet established a long-term bottom, which means that it is likely to drop lower in the coming weeks and months before it finds a long-term support level that allows it to reverse its recent downtrend.<\/p>\n\n\n\n
At the time of writing, XRP<\/a> is trading down just under 1% at its current price<\/a> of $0.268, which marks a slight drop from its 24-hour highs of over $0.27.<\/p>\n\n\n\n Importantly, $0.27 appears to have become XRP\u2019s near-term resistance level, as each visit to this level over the past several days has been followed by a slight rejection that leads it lower.<\/p>\n\n\n\n Ever since the crypto broke below its previous support level at $0.30, it has consistently found support around $0.25, which signals that it may currently be caught in a trading range between $0.25 and $0.27. This range may hold strong in the near-term as long as Bitcoin doesn\u2019t make any major movements.<\/p>\n\n\n\n Chonis Trading, a popular crypto analyst, spoke about XRP in a recent tweet, explaining that he believes it has not yet found a long-term bottom, and may face a significantly deeper pullback in the near-future.<\/p>\n\n\n\n \u201c$XRP – why do people keep calling bottoms on #ripple?… not even close,\u201d he said while pointing to the chart seen below.<\/p>\n\n\n\n