Peter Brandt Sees XRP Bullish Pattern With $2.16 Target

Veteran trader Peter Brandt has identified a potential bullish pattern for XRP, suggesting the cryptocurrency could reach $2.16. Brandt, known for his technical analysis, sees a cup-and-handle formation emerging on the XRP chart. He also notes this pattern could be the right shoulder of an inverse head-and-shoulders formation. If this technical setup plays out as expected, XRP's price could climb to $2.16, representing a 44% increase from its current trading price near $1.50.

Brandt based his $2.16 price target on the height of the inverse head-and-shoulders formation, extending it upwards. However, he cautioned that technical patterns do not always reach their initial targets and can sometimes evolve differently. He also described the potential right shoulder of the pattern as 'poorly formed' and 'abbreviated,' indicating that more of the formation might still be developing.

Looking at a weekly chart, Brandt highlighted a significant obstacle for XRP: the cryptocurrency is far from its previous rally peaks, meaning there could be substantial selling pressure as it rises. 'There is a TON of overhead supply to go through,' Brandt said, calling it a negative for XRP. He compared XRP to other major cryptocurrencies, noting that Monero (XMR) has already worked through much of its overhead supply, while Solana shows a stronger cup-and-handle formation.

At the time of writing, XRP is trading around $1.50 with a market cap of approximately $94.65 billion, according to CoinGecko data. Over the past month, XRP has seen a 5.5% increase in value.