The past few years have been quite distressing for XRP holders. After posting a meteoric bull run at $ 3.84 in January 2018, the digital asset succumbed to selling pressure as it plummeted with the rest of the cryptocurrencies.
While other cryptocurrencies have managed to escape the clutches of bears, XRP has been stuck. The coin has now fallen more than 94 percent from its all-time high and even recently relinquished its place as the world's third largest cryptocurrency to Tether.
A well-known technical analyst recently indicated that, overall, XRP has been setting lower highs for more than 900 days. This is bad news for XRP investors, as the weakness could continue before a significant bullish trend.
XRP has been down for 901 days
In particular, XRP is not the only major cryptocurrency that is still below ATH. However, it is the only one that has not been able to recover most of the losses during “Alternative mini seasons” . This was noticed by Pentoshi, the lead technical analyst at cryptocurrency research house BlockFyre.
Pentoshi noted that crypto in fourth place has been in a constant macro downtrend for 901 days. In his view, XRP could be heading for a further decline to $ 0.15 in the near future, but there is a silver lining. He believes XRP at 15 cents would be “An attractive entry in the long term” which would usher in a new bullish cycle.
901 Days of lower highs. 99 left to hit 1000 sunrises + sunsets. It has been entirely left behind in the markets with each mini “alt season”
However. I think 1500 sats or .15c is an attractive long term entry that could provide a few hundred%.
A new cycle will begin pic.twitter.com/YYiRqBxEa7
– ₿ Pentoshi (@ Pentosh1) June 26, 2020
A variable that could extend XRP's multi-year downtrend in the short term
A key factor that could accelerate XRP's decline in the short term is possible dumping by one of the world's largest scams, PlusToken. For the past week, PlusToken has been transferring XRP and other tokens to different addresses in an attempt to obfuscate its origins before selling.
In particular, a wallet associated with the Ponzi has at least 485 million XRP, such as he pointed xrplorer founder Thomas Silkjær, who also stated that a significant number of XRP tokens were sent to HBTC, Huobi and OKEx earlier this week.
According to historical data, downward price action has always followed PlusToken's download activities. The big question right now is whether the XRP market will be able to absorb such intense selling pressure or whether it will drop to $ 0.15. Only time will tell.