To create "Cited By" citation alert, search for the title of the paper you wish to track. Click on the "Create An Email Alert" icon.
There is no RSS option for Google Scholar.
To access you list of alerts, click on the "List Alerts" option at the bottom of your alert emails. Here you can modify or delete your Scholar Alerts.
Although you do not need a Google Account to set-up Google Scholar Alerts, you can create general Google Search Alerts with a Google Account. Access "My Account" at the top of the page in Google. Under "My Products" is an option for managing Alerts. You can set-up alerts that can be limited to news, blogs, realtime, video and discussions. General Google Alerts can be delivered via RSS feed.