Price Analysis

Bullish Trade Set-Up For XRP, Will the Price Reach $3 by the End of Q2 2022?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 31, 2022

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Article Highlights
  • XRP price has just entered one of the crucial zones and a breakthrough from these levels are mandatory for a bullish start of the Q2 trade

  • The chart patterns and the on-chain metrics both point toward a significant uptrend throughout Q2 that can test the much-required resistance levels above $1.8

After a pretty long time, the XRP price is flashing notable bullish signals that may uplift the price towards the desired levels. No doubt the $1 pivotal levels are still pretty distinct, yet the price action displays a notable upswing beyond these levels very soon. The price recently broke up above the descending trend line and entered the crucial resistance zone. The sellers are attempting very hard to restrict the price and pull back below the zone. But the bulls appear to have entered and hence $1 may be imminent initially. 

The next target for the XRP price would be to break out from the ascending triangle which may attract huge buying volume. The traders appeared to be pretty much unsure and hence the asset underwent a massive descending trend. The price in the past 10 to 12 days displayed a huge reduction in its volatility. However, the price somehow surpassed the much required $0.86 level. Sustaining 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 needs to attain a minimum level of $0.9 levels to attract the bulls. Further, the bulls may uplift the price beyond $0.97 levels and hit $1 with a significant leg up towards the higher targets. However, reaching out to these levels may still not validate an uptrend but some of the on-chain metrics do point to a significant rise approaching very fast. Yet whether the rise could uplift the price towards the $3 mark is uncertain as of now. 

The transaction volumes have declined drastically ever since the price reached its highs during the 2021 bull run. The volumes usually dropped more than 80% and consolidate a little signalling a huge possibility of a breakout. And hence the current consolidation may result in a massive breakout that could ignite an XRP price rally at the earliest. On the other hand, the number of holders holding more than 100,000 XRP has surged notably since the 2021 bull run. And with no particular signs of depleting, a significant uptrend may make its room. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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