XRP has been facing significant bearishness over the past several days and weeks, with the latest sell-off sending it to fresh post-2018 crash lows at $0.22, and its bulls have continued expressing significant weakness as it has failed to post any type of decisive bounce.<\/p>\n\n\n\n
Analysts are now noting that XRP may need to continue dropping until it reaches $0.16, as this may be where there is enough interest from buyers to spark the next major price rally.<\/p>\n\n\n\n
At the time of writing, XRP<\/a> is trading down roughly 3% at its current price of $0.227, which marks a notable drop from its daily highs of just under $0.24.<\/p>\n\n\n\n XRP\u2019s recent bearishness first came about earlier this month when it failed to break above the $0.30 region, which proved to be a significant level of resistance for the cryptocurrency. The downwards momentum that was sparked by its inability to break above this level was further perpetuated by Bitcoin\u2019s downtrend.<\/p>\n\n\n\n In the near-term, it is clear that bears have full control of XRP\u2019s price action, and without some sort of major bullish movement for BTC it is highly probable that the crypto will continue facing further downwards pressure.<\/p>\n\n\n\n DonAlt, a prominent cryptocurrency analyst on Twitter, recently explained<\/a> that $0.19 is a strong support level for the embattled crypto.<\/p>\n\n\n\n \u201c$XRP update: $0.30 was quite important, let’s hope $0.19 will be as well. The price action on XRPUSD is uncannily technical,\u201d he noted.<\/p><\/blockquote>\n\n\n\n In spite of the support that exists at this level, it is important to note that the cryptocurrency may not see any significant buying pressure until it reaches $0.16 \u2013 as this may be the level at which buyers are most interested in entering new spot positions.<\/p>\n\n\n\n