Peter Brandt Sees $2.16 Potential for XRP Amid Bullish Pattern

Veteran trader Peter Brandt has identified a potential price target of $2.16 for XRP, based on an emerging technical pattern. Brandt believes he sees a cup-and-handle formation on the XRP chart, which could also be the right shoulder of an inverse head-and-shoulders pattern on a larger timeframe. The $2.16 target is calculated by taking the height of this inverse head-and-shoulders formation and projecting it upwards from the current price.

Brandt cautioned that technical patterns often don't hit their initial targets or sometimes transform into something else. He noted that the potential right shoulder of the pattern is 'poorly formed' and 'abbreviated,' which might indicate further development, but not necessarily. XRP is currently trading near $1.50, which would require a roughly 44% rally to reach Brandt's target.

One major obstacle for XRP's bullish potential is the 'TON of overhead supply' Brandt identified on the weekly chart. He pointed out that XRP is well off its previous rally peaks, suggesting many holders at higher price levels could sell as the price rises, creating resistance. Brandt compared XRP to other cryptocurrencies, noting that Monero (XMR) has already absorbed much of its overhead supply, while Solana (SOL) shows a stronger cup-and-handle formation.

The trader emphasized that he focuses solely on price action and does not consider the fundamentals of any cryptocurrency except Bitcoin (BTC). At the time of writing, XRP has a market cap of around $94.65 billion and has seen a roughly 5.5% increase over the past month.