XRP has been trading in a daily downtrend for the past two weeks. The bears are in full control currently but they are approaching an area of support. The RSI is also currently in the oversold area and the bulls are seeing a bounce already going from $0.222 to $0.232 within a few hours.
The last crucial support for XRP lies at $0.212 and the bulls really need to defend this level. Unlike Bitcoin, which has broken below a similar crucial level, XRP bulls have been able to defend it so far.
It’s important to note that any bounce from this point will most likely be a lower high compared to $0.315, the last real high set by the bulls on the daily chart.
The 4-hour chart is also pretty beat and the RSI has been in the oversold area a few times before. The bulls are still currently looking for a significant bounce.
The weekly chart could still set an equilibrium pattern as long as the bulls hold the last support level. The RSI is getting dangerously close to the oversold area here too. It’s important to note that the weekly RSI hasn’t been oversold in more than 2 years.
The monthly chart is clearly still in a downtrend and it’s certainly not looking too good for XRP in the long term.