XRP eyes near $3 as chart patterns and on-chain demand converge

XRP is showing a cluster of technical chart patterns and onchain flows that market participants say could push the token toward the $3 level in the coming weeks, after a renewed price recovery in late October tied to institutional accumulation and falling exchange balances. Analysts point to recent breakouts on short-term charts, heavy withdrawals from exchanges and corporate moves by Ripple as the main drivers behind bullish sentiment.

Technically, traders have identified a four-hour bull-flag breakout after price cleared the flag's upper boundary near $2.63, a move that projects an initial measured target near $2.92. On a three-hour timeframe, an inverse head-and-shoulders formation carries a measured target about $3.02 if the pattern's neckline holds. Other technical work highlights an ascending-triangle structure whose upper trendline sits higher still, near $3.40, and would imply a larger rally if sustained buying pushes price through intermediate resistance.

Onchain metrics back the accumulation narrative. Glassnode data show XRP balances on centralized exchanges declined by roughly 1.4 billion tokens from about 3.9 billion on September 20 to near 2.57 billion, a sizable...