XRP may test demanding yearly lows before the end of 2020 after painting a gloomy picture on both low and high time frames.
XRP price token continues to stand still in a bearish mode in spite of its position as the fourth largest cryptocurrency in circulation.
XRP is now trading below the $0.20 level of support and has a market cap of $8.66 billion, which may now toss to a point of resistance.
With the point of last month,it is worth 16.02% less which displays a clear change in behaviour since the refusal from the daily 200 EMA at $0.235.
In order to generate a bullish repeal from a macro standpoint XRP needs to cycle its way back above the yearly high of $0.346 to form its first lower high since it fastened to an all-time high of $3.28 in January, 2018.
Regular lower lows coupled with decreasing volume paints a worrying picture for XRP investors, especially as other altcoins have made their performance better in the past year.
Ripple CEO Brad Garlinghouse has answered by stating that XRP token sales are essential to the company’s survival.
Regardless of whether XRP’s bearish trend is caused by token sales or not, downside price targets of $0.175 and $0.13 can be predicted before the ability of a giving in low to single digits.