Peter Brandt Sees XRP Potential at $2.16 but Warns of Supply Resistance

Veteran trader Peter Brandt has outlined a potential XRP move to $2.16 based on an inverse head-and-shoulders pattern but cautions that significant overhead supply could impede progress. Brandt's analysis, based on daily closing prices, suggests a 43% upside from XRP's current price around $1.51. The $2.16 target derives from measuring the height of the inverse head-and-shoulders formation and projecting it above the neckline.

However, Brandt notes that the right shoulder of the pattern is still forming, which could make the structure cleaner as it develops. He emphasizes that chart objectives are not fixed and can evolve as price action unfolds. Brandt previously highlighted a bullish cup-and-handle setup on XRP's daily chart, with the $1.6572 high from September 23 acting as a key breakout level.

The larger concern for XRP, according to Brandt, is the substantial overhead supply above current prices. His weekly chart indicates notable resistance around the mid-$1.60s and a larger supply area extending toward the previous highs above $3. This supply could create selling pressure as XRP approaches those levels, complicating the path to $2.16.

In comparing XRP with other assets, Brandt expressed more optimism about Monero (XMR) and Solana (SOL). XMR is testing long-term resistance near $560.88, with Brandt suggesting that much of the old supply has already been absorbed. SOL's cup-and-handle structure is broader and more defined, with price around $121 and resistance near $250. Brandt considers XMR his favorite among the assets he analyzed.