XRP Hits Record Oversold Levels Amid Debate Over Bottom
XRP's monthly momentum reading has reached its most oversold levels ever, according to analysts. This is more extreme than during the 2020 COVID crash, sparking debate over whether the bottom has finally arrived.
The token trades near $1.09, roughly 72% below its record high of $3.65. Spot products recorded zero flows on 10 of 17 trading days throughout July.
Analyst Ash Crypto noted that XRP's monthly RSI reading has fallen below levels recorded during the March 2020 collapse. The token also touched a two-year low near $1 last month.
Crypto analyst ChartNerdTA highlighted another signal, as XRP appears to be interacting with the middle regression band of its Gaussian channel. This zone preceded extended accumulation ranges in earlier cycles, and support currently sits near $0.88.
Derivatives data also shows open interest falling while prices climbed, a pattern consistent with short positions being closed or liquidated.