XRP is exhibiting strong bullish momentum heading into November, with technical indicators and fundamental developments suggesting a potential surge toward the $3 price level. Market analysts point to two critical catalysts driving this optimistic outlook. First, Evernorth’s strategic accumulation of approximately $1 billion worth of XRP tokens has created significant buy-side pressure, reflecting institutional confidence in the asset’s long-term value proposition. This substantial position represents one of the largest single acquisitions in recent months.
Simultaneously, exchange supply dynamics are tightening considerably. Data from major trading platforms reveals a pronounced supply shock developing as available XRP liquidity on exchanges continues to diminish. This scarcity effect, combined with sustained demand, typically creates favorable conditions for price appreciation. The decreasing exchange reserves indicate that holders are moving tokens to cold storage for long-term positioning rather than maintaining them for immediate trading purposes.
Technical analysis further supports the bullish case, with XRP breaking through several key resistance levels while maintaining strong support zones. The convergence of these factors—institutional accumulation, supply constraints, and positive technical structure—suggests November could mark a significant upward movement for XRP. Market participants are closely monitoring whether these conditions will sustain the momentum needed to reach the projected $3 valuation threshold.
