Bullish Trade Set Up For XRP, Will Price Hit $3 By The End Of Q2 2022?

After quite a long time, XRP price flashes remarkable bullish signals that can push the price towards the desired levels. Undoubtedly, the pivotal $1 levels are still quite different, but the price action is showing a remarkable rebound past these levels very soon. The price recently broke above the bearish trendline and entered the crucial resistance zone. The sellers are trying very hard to limit the price and pull back below the zone. But the bulls seem to have come in and that’s why $1 may be imminent at first.

The next target for XRP price would be to break out of the bullish triangle, which could attract massive buying volume. The traders seemed quite unsure which is why the asset was undergoing a massive downtrend. The price in the last 10 to 12 days has shown a massive decrease in volatility. However, the price somehow surpassed the much sought after level of $0.86. Holding here could be more important for the asset to maintain a significant uptrend.

Also Read: Top Reasons Why Traders Can Expect Altcoin Season 2022 Very Soon!

As mentioned before, the XRP price has to reach a minimum level of $0.9 in order to attract the bulls. Further, the bulls may push the price above the $0.97 levels and hit $1 with significant leg towards the higher targets. However, reaching these levels still cannot validate an uptrend, but some of the on-chain stats indicate that a significant rise is approaching very quickly. But whether the rise could push the price towards $3 is uncertain at this point.

Transaction volumes have fallen dramatically since the price peaked during the 2021 bull run. Volumes typically fell more than 80% and consolidated a bit, indicating a high probability of a breakout. And therefore, the current consolidation could result in a massive breakout that could trigger an XRP price rally at the earliest. On the other hand, the number of holders holding more than 100,000 XRP has risen significantly since the 2021 bull run. And with no specific signs of exhaustion, a significant uptrend may be taking place.

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