The post XRP U-Turns Against BTC: Can a Bigger Rebound Follow? appeared on BitcoinEthereumNews.com.
XRP open interest jumps 7% Ripple, XRPL gain momentum 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. XRP/BTC Daily Chart, Image By TradingView 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. Solana (SOL), Shiba Inu (SHIB), XRP and Cardano (ADA) Price Analysis For August 8: What Can Fuel the Recovery? Crypto Has ‘Ticking Clock’ Problem, Former SEC Official Says 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. You Might Also Like This week saw the release of XRP Ledger version 3.3.0, which introduced several new amendments alongside bug fixes and build improvements. At the time of writing, XRP was up 1.75% in the last…
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