XRP has gained significant value today, surging by 20%. This impressive increase has drawn attention, as bulls refuse to surrender easily. According to CoinMarketCap, XRP remains among the top-performing coins. Currently, XRP/USD is trading at $0.6120. The upward momentum suggests that the bulls are still in control.

Hourly Chart Analysis

On the hourly chart, XRP is steadily approaching the local resistance level of $0.6240. This level is crucial for the next phase of the coin’s movement. If the daily bar closes near this resistance, XRP could experience a breakout. A breakout at this level might trigger a further rally, pushing the price towards the $0.65 area.

Midterm Perspective

Traders should closely watch the daily time frame. The key level to monitor is $0.6374, which acts as a critical resistance point. A successful breakout above this level could release the accumulated energy, propelling XRP to the vital zone of $0.70. Such a move would indicate that the bulls are still in charge, with potential for sustained growth.

However, it’s important to consider the midterm perspective. While the short-term outlook appears positive, the midterm picture is less optimistic. The market needs to maintain momentum to avoid a potential pullback.

Weekly Close Holds Importance

The weekly close will play a crucial role in determining XRP’s direction for the rest of the month. If the weekly bar closes near the interim level of $0.65, it could signal an ongoing rise. In this scenario, XRP might advance towards the resistance level of $0.7329 by the end of the month.

In conclusion, XRP shows promising signs of continued upward movement. However, the market’s response to key resistance levels will determine its trajectory. Traders should keep an eye on daily and weekly closes, as these will provide crucial insights into XRP’s next moves. The energy for further growth is present, but it hinges on the bulls maintaining their momentum.

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