At this level, the bulls and bears are already arguing. $XRP is quoting 1.12, RSI has already dropped to 26.4, and it's just one step away from the 14-day low of 1.09.
In plain English: the drop has been sharp and relentless. It does look a bit oversold in the short term, but oversold doesn't mean it's done falling. There's not much support below; if it slips here, we'll hit a new low. Anyone holding right now must be feeling the pressure—sell and risk selling at the bottom, or hold and risk another leg down.
I'm inclined to wait and see for now, because an oversold RSI only means the price fell quickly, not that it's finished falling. But if it holds 1.09 and RSI starts turning up, I'll change my mind immediately.
With it this oversold, are you betting on a bounce or trusting the trend?
$XRP
#XRP #MarketAnalysis
In plain English: the drop has been sharp and relentless. It does look a bit oversold in the short term, but oversold doesn't mean it's done falling. There's not much support below; if it slips here, we'll hit a new low. Anyone holding right now must be feeling the pressure—sell and risk selling at the bottom, or hold and risk another leg down.
I'm inclined to wait and see for now, because an oversold RSI only means the price fell quickly, not that it's finished falling. But if it holds 1.09 and RSI starts turning up, I'll change my mind immediately.
With it this oversold, are you betting on a bounce or trusting the trend?
$XRP
#XRP #MarketAnalysis