XRP Bounces Back Against BTC Amid Surge in Open Interest

XRP has made a significant U-turn against BTC after five days of decline from August 3. The drop had pushed XRP to oversold levels on its Bitcoin chart, as indicated by the Relative Strength Index (RSI) on the daily timeframe.

The RSI fell as low as 25 before recovering to 35 at press time, suggesting that XRP may be regaining ground relative to Bitcoin. However, the bearish RSI reading of 35 on the Bitcoin daily chart indicates that XRP is not yet out of the woods.

XRP's open interest has increased by 7% in the last 24 hours, reaching $2.52 billion. This surge in capital inflows suggests that traders are betting on XRP following recent developments, including the release of XRP Ledger version 3.3.0 and new milestones across Ripple and the XRP ecosystem.