Key Points:
The bullish flag pattern breakout and the inverse head and shoulders pattern both point to a $3 target for XRP.
The significant decrease in XRP exchange holdings and record capital outflows indicate strong accumulation by investors.
The 90-day spot CVD has turned positive, with buyer trading volume dominating, showing sustained demand supporting upward price momentum.
XRP currently exhibits multiple technical and on-chain signals, indicating that this cryptocurrency is likely to challenge the $3 price level in the coming weeks. Below are four key chart analyses supporting the recent price breakout.
The four-hour time frame chart shows that XRP is validating a bullish flag pattern, having broken through the flag's upper boundary resistance at $2.63 on Wednesday.
If the four-hour close can firmly establish above this area, it will open an upward channel for XRP towards the $2.92 target, representing a potential 12% increase from the current price.
Bullish flags typically appear as continuation patterns, and XRP's breakout above the flag's upper trendline indicates that this cryptocurrency is ready to resume its upward momentum.
The relative strength index remains in the positive range at 60, further proving that the current market environment is still favorable for price increases.
Market analysts point out that XRP's price has formed a clear inverse head and shoulders pattern on the three-hour time frame, suggesting it is likely to challenge the $3 price level.
The inverse head and shoulders pattern is a classic bullish chart structure consisting of three lows: the middle lower "head" is positioned between two higher "shoulders."
According to technical analysis rules, a breakout above the neckline of this pattern typically triggers a significant price increase.
Analyst BlockBull posted on platform X showcasing the XRP three-hour chart trend, stating:
The measured target of this pattern (i.e., the height of the pattern plus the breakout point at $2.50) is $3.02, representing a potential 14% increase from the current level.
Analyst Altcoin Gordin emphasized: "The perfect upward move from the right shoulder will drive XRP's price above $3 or even higher."
Absolutely PERFECT move up from the right shoulder. $XRP is going to send & NOTHING will stop it. Do you understand? pic.twitter.com/RT6S5CbOC1
As previously reported by Cointelegraph, XRP is showing strong bullish signals, with Evernorth's $1 billion large-scale buy and record net outflows from exchanges further reinforcing market expectations for XRP to challenge the $3 mark in November.
In the past 30 days, XRP's supply on exchanges has significantly decreased, a trend that has been clearly confirmed by Glassnode data.
The chart below shows that XRP's balance on exchanges plummeted from 3.9 billion coins on September 20 to 2.57 billion coins on Wednesday, a reduction of 1.4 billion tokens.
The significant decrease in exchange supply indicates that holders generally lack selling intent, further reinforcing XRP's upward potential.
Glassnode data shows that this sharp decline is due to record capital outflows, with the net position change of XRP on centralized exchanges dropping by 2.78 million coins, setting a historical record.
Analysts point out that such large-scale capital outflows typically mean that major holders are significantly accumulating, which not only alleviates immediate selling pressure but also enhances the prospects of XRP potentially rebounding to $3.
An in-depth analysis of the 90-day spot cumulative volume delta (CVD) reveals that sellers have clearly relinquished market control since October 14.
Latest data from CryptoQuant shows that buy orders (market buy orders) have regained dominance. Specifically, the number of buy orders in the market now exceeds that of sell orders.
This data indicates that despite recent pullbacks, market demand remains strong, which often signals that prices may begin to recover from current levels.
The CVD indicator specifically measures the difference between buy and sell volumes over three months. Market experts state that the positive CVD simultaneously reflects that trader sentiment is becoming optimistic, as they actively accumulate assets.
If the CVD continues to remain in the green, it means buyers are resolute, potentially laying a solid foundation for the next wave of upward movement, similar to previously observed bullish patterns.
Related: Evernorth, supported by Ripple, is set to launch a publicly traded XRP treasury fund.
This article does not constitute any investment advice or recommendation. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
Original article: “Technical Chart Analysis Predicting XRP Price to Challenge $3 Mark”
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