You'll gain more from studying commercial RPG sprites. head over to
http://tsgk.captainn.net/ and look up some RPG sprite sheets like FF, Secret of Mana, etc, and see how they do.
Also, you might want to refine the character a bit more. His head seems... flat (as in, he has no actual skull, the top of his head is flat.) I know it's supposed to be something of a cartoon, but the arms are more-than-comically short.
Good luck with the project.