Opinion: XRP technical charts and on-chain data suggest it may rebound to $2.80 in the short term.

According to Odaily Planet Daily, the price of XRP has rebounded nearly 21% from its low on November 21, and multiple technical, on-chain, and fundamental indicators suggest it is poised to rise to $2.80 in the near term.

Technical analyst Crypto Batman stated that the XRP four-hour chart is forming a bullish pennant, a strong continuation pattern. If the XRP price closes above the upper trendline of this pattern at $2.22, it could potentially rise further to the pennant's target price of $2.80. Furthermore, the V-shaped reversal pattern on the daily chart, along with the bullish crossover of the MACD indicator, also supports a price rebound to $2.70.

On-chain data shows that Glassnode data indicates that XRP balances on exchanges have decreased by over 45% to 2.6 billion tokens in the past 60 days, suggesting a lack of selling interest among holders. Meanwhile, CryptoQuant's 90-day Cumulative Volume Difference (CVD) for spot takers is positive, indicating that buy orders are dominant and demand is rebounding.

Fundamental factors show that the US spot XRP ETF has recorded net inflows for nine consecutive days since its launch, indicating strong institutional demand. According to SoSoValue data, the XRP ETF saw an inflow of $2.81 million on Thursday, bringing the cumulative net inflow to $643 million. The 21Shares spot XRP ETF is expected to launch on Monday, and more ETFs are still awaiting approval, which could provide further impetus to the XRP price. (Cointelegraph)