Key Highlights:

• XRP’s projections suggest a 12% to 18% increase in November.
• Significant withdrawal activity from exchanges reflects heightened bullish sentiment.

XRP is currently poised for a challenging end to October, having lost more than 7.5% this month despite a noteworthy increase of 109% since mid-October lows.

The optimistic trends are connected to bullish actions, such as Evernorth’s $1 billion purchase of XRP, and a positive reference to the cryptocurrency by Ripple in its announcement regarding the Hidden Road acquisition.

XRP Sets Sights on a Price Surge in November

The recent bounce in XRP’s value reflects a familiar pattern observed earlier this year. In April and June, the cryptocurrency reversed direction when it reached critical support, a consolidation zone favored by many traders.

On several occasions, XRP’s price rallied toward the Fibonacci retracement zone, hinting that a similar pattern could unfold in November. A vital marker to watch is $2.77, which, if surpassed, could invigorate bullish momentum leading XRP into the Fibonacci range of $2.75 to $3.00, suggesting a potential rise of 12% to 18%.

XRP Daily Chart XRP/USD daily chart. Source: TradingView

XRP Records Unprecedented Outflows

Recent data from Glassnode shows that between October 19 and 20, XRP’s net position reduced drastically, indicating strong accumulation by major holders.

As of this week, Evernorth had amassed over 388.71 million XRP, equating to about $1.02 billion as reported by CryptoQuant.

Such significant outflows generally signal strong buying interest, diminishing immediate selling pressure.

Evernorth Balance Change Evernorth balance and balance change. Source: CryptoQuant

Threat of Short Liquidations May Propel XRP Above $2.68

A cluster of leveraged positions around $2.68 holds about $15.91 million in risk, suggesting a potential short squeeze if pricing moves decisively above this mark. This could accelerate upward momentum toward the targets identified in the Fibonacci analysis.

Liquidation Heatmap Binance XRP/USDT liquidation heatmap. Source: CoinGlass

This article does not offer investment advice. Always conduct your own due diligence before making trading decisions.