XRP to $2.16? Legendary Trader Peter Brandt Says 'Yes but...'
Veteran trader Peter Brandt sees a path higher for XRP (CRYPTO: XRP) after a week of consolidation around $1.50 but warns one significant hurdle could stand in the way of further gains. Why Path Ahead Has A Warning Brandt on Tuesday identified a potential cup-and-handle formation in XRP that could also represent the right shoulder of a larger inverse head-and-shoulders pattern. Based on the height of that larger formation, Brandt sees a measured-move objective around $2.16. However, he stressed that technical targets are not guaranteed and chart patterns can evolve into different formations. Brandt said XRP’s right shoulder currently appears “poorly formed and abbreviated,” suggesting additional consolidation may be needed before a breakout, although it is not strictly necessary. The bigger concern is supply. "Note in XRP there is a TON of overhead supply to work through," Brandt said, calling it a negative for the token. He contrasted XRP with Monero, Solana (CRYPTO: SOL) and Ethereum (CRYPTO: ETH), arguing that Monero has already absorbed much of its overhead supply while SOL shows a cleaner cup-and-handle structure. Brandt’s comments follow his assessment last week that XRP’s hi
50 but warns one significant hurdle could stand in the way of further gains. Why Path Ahead Has A Warning Brandt on Tuesday identified a potential cup-and-handle formation in XRP that could also represent the right shoulder of a larger inverse head-and-shoulders pattern. 16. However, he stressed that technical targets are not guaranteed and chart patterns can evolve into different formations.
Brandt said XRP’s right shoulder currently appears “poorly formed and abbreviated,” suggesting additional consolidation may be needed before a breakout, although it is not strictly necessary. The bigger concern is supply. "Note in XRP there is a TON of overhead supply to work through," Brandt said, calling it a negative for the token. He contrasted XRP with Monero, Solana (CRYPTO: SOL) and Ethereum (CRYPTO: ETH), arguing that Monero has already absorbed much of its overhead supply while SOL shows a cleaner cup-and-handle structure.
Brandt’s comments follow his assessment last week that XRP’s historical chart pattern offered enough conviction for him to take a position. XRP’s New Source Of Demand A potential catalyst arrives this week as Ripple-backed Evernorth is expected to begin Nasdaq trading on Oct. 8. The company intends to deploy much of its net proceeds into open-market XRP purchases as it builds an institutional XRP treasury.
That could strengthen the supply-shock thesis if treasury companies, ETFs and other institutional vehicles increasingly remove XRP from liquid markets while adoption grows. The effect may be less straightforward if XRP held by institutions is subsequently deployed into lending markets, where borrowed tokens could return to circulation. Image: Shutterstock Read Also: XRP Ledger Developments Signal Potential 'Big Move' for XRP