This bearish formation spells trouble for XRP; here's where it may drop to next

It's been a tough year for XRP, as the cryptocurrency failed to garner any notable momentum throughout the early part of the year while cryptocurrencies like Bitcoin and Ethereum were busy putting a significant amount of distance between their recent late-2018 lows.

XRP is an outlier, as it just recently set fresh post-2017 bull run lows.

This bearishness is showing no signs of slowing down anytime soon, as one analyst is now pointing to a bourgeoning technical formation that may signal XRP will drop another 20% in the near-term.

XRP trapped below $0.20 as bears continue walloping bulls.

At the time of writing, XRP is trading down nominally at its current price of $0.19.

In isolation, XRP's recent price action can be characterized as nothing more than bearish, and this is further perpetuated by the precariousness seen while looking at Bitcoin's recent price action.

Calmly, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes XRP is looking particularly "Awful" against its BTC trading pair, which may soon see significantly further downside.

"Ripple: Couple of the majors had strong weekly closes / opens. I'm still bear biased in this space, but I think it's a tough call to short Bitcoin here. So I'm shorting the worst looking pair I see. XRP is giving me a short setup and the $XRPBTC chart is looking pretty awful," he said while pointing to the chart seen below.

Magic, another popular crypto analyst, corroborated Calmly's analysis in a tweet, telling his followers that a bear flag breakdown could mean that the crypto will continue falling until it hits $0.15, which would mark an over 20% drop from its current prices.

"XRP is printing what appears to be a bear flag breakdown, which targets the bottom of a larger falling wedge on the daily around 0.15. The only problem is a bullish divergence, and BTC above critical support. If BTC loses the support again, XRP should hit the near 0.15 target," he said, referencing the bear flag seen below.