XRP price flipped the bearish trend and spiked high to be prepared for the upcoming breakout which may be pretty explosive. Also, the on-chain metrics flashes the possibility of the bulls taking over the market very soon. Currently, the XRP price is on the verge of deciding the next leg as it approaches the end of the consolidation. Yet some crucial levels are to be tested as the asset gears up to reach new highs.
The XRP price began to form a couple of highs and lows since the beginning of the year 2022. The price could not surge beyond $1 but maintained its trend above the $0.6 support levels strong. And hence compelling the price to swing within a symmetrical triangle and moreover approach the apex of the triangle. And hence a notable swing may be fast approaching that could uplift the price towards the next levels.
The XRP price has been rejected from the $0.8 levels multiple times and hence these levels currently become the crucial levels to surpass. And only by surpassing these levels, the asset could slice through the consolidation and reach the upper cap very close to $1, somewhere around $0.9. However, if the bulls do not enter the ring, then the possibility of another plunge is pretty high. Yet some on-chain metrics display the asset may receive a notable boost to break through the pattern.
As per data from Santiment, the whales appear to accumulate more and more tokens as the no of holders with 10 million or more XRP have surged from 317 to 337. And offering the bullish outlook for the asset that could uplift the price towards the immediate resistance. However, the bulls are not expected to enter the ring until and unless the asset reaches $0.9 levels. Once these levels are secured, bulls may escort the price above the $1 mark setting up a bullish trend.
In contrast, the holders cannot completely nullify the possibilities of plunging towards the lower support, if in case it fails to break through the triangle. In such a case, the asset could hit the $0.5 mark in a very extreme case However, the XRP price may not hit these levels as not strong bearish indicators are currently flashing out. Therefore, the upcoming couple of days is important for the asset which may determine the next course of action.