Peter Brandt Eyes $2.16 XRP Target Amid Bullish Technical Patterns

Veteran crypto trader Peter Brandt has identified a bullish pattern in XRP's price charts, suggesting a potential move toward the $2.16 resistance level. Brandt points to a Cup 'n' Handle pattern on a smaller time frame that aligns with the right shoulder of a Head and Shoulders structure on a larger time frame. This double structure indicates a measured move toward the $2.16 target, though Brandt cautions that such targets are not guaranteed and charts often evolve differently.

Despite the bullish technical outlook, Brandt highlights a significant challenge for XRP: the presence of a large amount of overhead supply. He contrasts this with Monero (XMR), which saw nearly 500% gains in a year as its supply was quickly absorbed by the market. Zcash (ZEC) also experienced a 777% gain in a similar time frame, demonstrating the potential for strong rallies when supply is well-absorbed.

Brandt previously set a long-term price target of $5.40 for XRP and considers Monero his top pick due to its strong performance. He also expressed bullish sentiment for Ethereum (ETH), suggesting it could reach $8,600 if the $5,000 resistance is broken. For XRP, the immediate resistance lies at $1.61, with strong support at $1.49, where whale and long-term holder support coincide with the Smoothed Moving Average (SMA).

The upcoming NASDAQ listing of XRP treasury Evernorth, scheduled for October 8, could serve as a major catalyst for the altcoin. On-chain signals support Brandt's Cup 'n' Handle thesis, but the key question remains whether Wall Street backing will be sufficient to push XRP past the $2 resistance level.