A way to play a tail is to wait for a 50% retrace of the tail. Stop is a daily close above the tail. So if it retraces to about 52 then buy Rubles. If a daily close is above 54 then cover. I would like to know what a potential catalyst would be though. Putin would have to give back Crimea??? As you say, it is catching a knife scenario. Just brainstorming on here.
The double whammy in crude and gold really battered the russian ruble and market. The inverse relationship is apparent as you overlay the charts. If gold and oil starts to rebound, russian ruble and market may get some traction in the short-term.