$XRP made a U-turn on the $XRP/$BTC chart, reversing after five days of decline from August 3. The drop caused $XRP to reach oversold levels on its Bitcoin chart, as seen from the RSI on the daily timeframe.
The $XRP/$BTC pair has subsequently rebounded from oversold levels; the RSI fell as low as 25 before recovering to 35 at press time. While the reversal does not guarantee a sustained rally, it suggests $XRP may be starting to regain ground relative to Bitcoin.
However, $XRP is not yet out of the woods, given the bearish RSI reading of 35 on the Bitcoin daily chart. If $XRP continues to gain strength against Bitcoin after rebounding from oversold levels, it might suggest that the worst of the recent relative weakness has passed.
$XRP open interest jumps 7%
$XRP remains an outperformer among major cryptocurrencies in terms of percentage gains for open interest (OI).
In the last 24 hours, $XRP open interest rose 7%, to $2.52 billion, while Bitcoin and Ethereum saw OI drops. Bitcoin and Ethereum fell 2.48% and 1.95%, respectively; open interest for Dogecoin and BNB token rose nearly 3%. Solana was also a standout, with its open interest soaring 6.60%.
The rise in open interest suggests capital inflows as $XRP traders bet on the token following recent $XRP and Ripple developments.
