XRP has been able to post a notable surge in the time following its mid-March dip that led it to lows within the sub-$0.10 region – a level not seen since prior to the insane 2017 rally that led it to highs of nearly $4.00.
This intense recovery, however, has not allowed the embattled crypto to set higher highs over a macro time frame, and it still appears to be incredibly weak from a technical perspective.
Analysts are now noting that after 850 days of setting lower highs, the token is unlikely to break this intense downtrend, making a sweep of its recent lows imminent.
XRP’s weekly candle close yesterday did little to sway analyst’s current bearishness and has even led some to go as far as to say it could be on the cusp of seeing dire losses.
XRP Flashes Signs of Immense Bearishness Following Grim Weekly Close
At the time of writing, XRP is trading sideways at its current price of $0.219, marking a slight climb from weekly lows of $0.195 and a notable decline from highs of over $0.24.
Although it is still trading well above its multi-week lows within the sub-$0.10 region, it is imperative to note that it has been underperforming Bitcoin and many of its other peers in recent times.
This has led its technical strength against its BTC trading pair to rapidly degrade, even causing it to break below a historically significant level.
As reported by NewsBTC previously, XRP closed its weekly candle yesterday below the 2500 sat level for the first time since 2017.
The last time the crypto posted a sustained close beneath this level, it found itself caught within the throes of an intense downtrend that ultimately led it to lows of 1500 sats – a 40% decline over a short two-week period.
This decline was followed by the explosive uptrend that ultimately sent it to its all-time highs, although the lack of fiat inflows and declining investor interest makes it unlikely that this next potential decline will be followed by similar momentum.
The Token is Unlikely to End Intense Downtrend Anytime Soon, Claims Analyst
One pseudonymous crypto trader recently offered a bleak analysis of the embattled token, explaining that after 850 days of setting lower highs against its USD trading pair, its weakness against BTC is now likely to lead it even lower.
“XRP: Breaking down the range lows with the first weekly close below where it’s spent the last 274 days. You’d have to expect the equal lows at the very least to be taken out at this point. Failure to reclaim quickly could lead to 1500 sats. USD pair marks 850 days of macro LH’s.”
Featured image from Unplash.