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.<\/p>\n
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.<\/p>\n
At the time of writing, XRP<\/a> is trading up just over 1% at its current price<\/a> of $0.23, which marks a notable climb from its recent lows of $0.21 that were set earlier this past week.<\/p>\n 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\u2019s drop to $6,500.<\/p>\n Like Bitcoin, XRP also incurred a significant amount of buying pressure after this drop that allowed it to post some distance between these lows.<\/p>\n 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.<\/p>\n 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.<\/p>\n $XRP<\/a> update pic.twitter.com\/NwI2nhjhN9<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) December 5, 2019<\/a><\/p><\/blockquote>\n\n