Peter Brandt Sees XRP Reaching $2.16 Despite Supply Hurdles

Legendary trader Peter Brandt has outlined a potential bullish scenario for XRP, pointing to a cup-and-handle formation that could push its price to $2.16. Brandt identified this pattern on Tuesday, noting it might also form the right shoulder of an inverse head-and-shoulders pattern. The measured-move objective based on this formation is around $2.16, though he cautioned that technical targets are not guaranteed and patterns can evolve differently.

Brandt highlighted concerns about the current structure of XRP’s right shoulder, describing it as “poorly formed and abbreviated.” He suggested that additional consolidation might be necessary before a breakout, though it is not strictly required. The bigger challenge, according to Brandt, is the significant overhead supply that XRP must navigate, which he views as a negative factor for the token’s upward momentum.

Comparing XRP to other cryptocurrencies like Monero, Solana, and Ethereum, Brandt argued that Monero has already absorbed much of its overhead supply, while Solana displays a cleaner cup-and-handle structure. His comments come after his earlier assessment that XRP’s historical chart pattern provided enough conviction for him to take a position.

A potential catalyst for XRP’s demand could emerge this week with the expected Nasdaq debut of Ripple-backed Evernorth on October 8. The company plans to use much of its net proceeds to buy XRP on the open market, aiming to build an institutional XRP treasury. This move could strengthen the supply-shock thesis if institutional adoption increases, though the effect might be less straightforward if XRP held by institutions is later deployed into lending markets.