It has been a rough recent years at the cost of XRP. In the wake of bringing about a touchy convention that sent it up to highs of almost $4.00 in the main seven day stretch of 2018, the cryptographic money watched its purchasing pressure dissipate, making it plunge close by the remainder of the market.
This decay in the end drove it to lows of under-$0.10 that were set only a couple of months back. It has been failing to meet expectations both Bitcoin and the entirety of its different friends and just as of late surrendered its situation as the third-biggest crypto to Tether.
Altogether, XRP has been setting lower highs for more than 900 days now. One investigator is in any event, taking note of that this pattern may persevere considerably more.
Late information with respect to the resurgence of the PlusToken Ponzi conspire moving their gigantic crypto possessions may likewise mean something bad for how XRP patterns in the weeks ahead.
XRP moving toward 1,000 days of lower highs
XRP isn’t the main significant cryptographic money that has posted significant misfortunes in the course of recent years. In any case, it is the one in particular that has been not able to eradicate any of these misfortunes all through various market-wide upturns found as of late.
This has led it to form countless lower highs over the past several weeks and months. It is a strong possibility that this trend is the root of its inability to push higher.
In total, the cryptocurrency has been trending downwards for 901 days. Analysts do believe that this weakness will persist in the days and weeks ahead, potentially leading it down towards $0.15 in the near-term.
One trader who goes by the name “Pentoshi” spoke about this possibility in a recent tweet, explaining that he doesn’t believe a fresh cycle can begin until this level is reached.
“XRP: 901 Days of lower highs… 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… A new cycle will begin.”
PlusToken could perpetuate the crypto’s decline
One factor that could spur a further extension of this multi-year XRP downtrend is a potential torrent of selling pressure from the now-defunct PlusToken scam.
Newly released data from xrplorer.com shows that wallets linked to PlusToken hold a total of 485 million XRP.
Thomas Silkjær – the founder of xrplorer – spoke about this data, saying:
“Notes: – If the 485,000,000 XRP from PlusToken (r3C9BXmTtiDLhxH76cWP6vbyDEkbtxANzo) is in fact still in the hands of bad actors, they are being moved to exchanges in an increasing rate. – This week alone, close to 100,000,000 has been sent to HBTC.”
As seen in the below graphic, these tokens are currently being distributed to wallets associated with a plethora of different exchanges, but most have been directed to Huobi.
XRP, currently ranked #4 by market cap, is down 0.64% over the past 24 hours. XRP has a market cap of $8.08B with a 24 hour volume of $1.26B.