XRP Has Been Setting Lower Highs for 886 Days; Why Analysts Expect More Weakness
- XRP has been severely underperforming the aggregated crypto market throughout 2020
- The crypto is now on its 886th day of selling lower lows
- Analysts do not believe that this trend is going to alleviate anytime soon, as there are other signs of weakness that it has been flashing in recent times
- One veteran trader even noted that it could soon plummet another 30% against its BTC trading pair
XRP has been struggling to garner any upwards momentum in recent times. Its lackluster price action seen throughout the past couple of years has caused it to surrender its position as the third largest digital asset, and analysts expect further weakness.
One analyst recently noted that today is the token’s 886th day of setting lower-lows – a trend that has been the root cause behind the severe losses it has seen against its Bitcoin trading pair.
This downtrend doesn’t appear to be ending anytime soon, as a highly respected veteran trader believes that it will continue declining until it reaches its next key support that exists roughly 30% below where it is currently trading at.
This level is where it kicked off its 2014 and 2017 parabolic uptrend, so it is imperative that buyers post a strong response to this level – should it be reached.
XRP Continues Setting Lower Lows as Technical Weakness Mounts
At the time of writing, XRP is trading down 2% at its current price of $0.195. It has generally been hovering around $0.20 for the past few days, but the recent market-wide turbulence has broken this consolidation phase.
It has, however, been able to climb slightly against its Bitcoin trading pair today – currently trading up 0.5% at 0.00002065 BTC.
XRP’s long-held weakness is likely to spark further losses.
One analyst spoke about this, explaining that he is targeting a movement towards 0.00001500 BTC – as this is where its rallies seen in 2014 and 2017 both kicked off.
“XRP 886, yes 886 Days of macro lower highs on USD pair. BTC pair shows what appears to have been 305 days of sideways action or distribution. Just had an alert go off for new lows today. 1.5k sats is my target. Where it’s first rally in 14′ started and the 17′ rally for alts,” he noted.”
Veteran Trader: The Token is Likely to Plunge Another 30% Before Finding Support
The aforementioned analyst isn’t the only one targeting a movement to this price region.
Peter Brandt – a veteran trader – recently noted that he expects XRP to reel towards 0.0000145 before finding any support.
“Looks like Ripple Labs…has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on way to .0000145,” he stated while pointing to the below chart.
If it is unable to find strong support here, it could be in jeopardy of seeing a massive decline.
Featured image from Shutterstock Charts from TradingView
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