XRP Breaks Five-Day Losing Streak Against Bitcoin, But Trend Reversal Uncertain

XRP's five-day losing streak against Bitcoin (BTC) has come to an end, but experts still can't confirm if this marks a trend reversal. According to blockchain media outlet U.Today, on August 8th, XRP/BTC saw a brief rebound after being in oversold territory since August 3rd.

The relative strength index (RSI) for XRP has risen from 25 to 35, indicating some improvement but still remains in the bearish zone. For XRP to confirm this trend reversal, it needs to show sustained strength against BTC.

Derivatives markets are also seeing increased activity, with XRP open interest rising 7% over the past 24 hours to $2.52 billion. Meanwhile, BTC and ETH saw declines of 2.48% and 1.95%, respectively.