Peter Brandt Sees XRP Reaching $2.16 Despite Supply Hurdles

Veteran trader Peter Brandt has highlighted a potential upward trajectory for XRP, currently trading around $1.50. He points to a possible cup-and-handle formation, which could also be the right shoulder of an inverse head-and-shoulders pattern. Based on this larger formation, Brandt sees a measured-move objective of approximately $2.16. However, he cautions that technical targets are not guaranteed and chart patterns can evolve differently.

Brandt notes that XRP’s right shoulder appears "poorly formed and abbreviated," suggesting further consolidation might be needed before a breakout, though it is not strictly necessary. The bigger concern, according to Brandt, is the significant overhead supply of XRP, which he describes as a negative factor. He contrasts XRP with other tokens like Monero, Solana, and Ethereum, arguing that Monero has already absorbed much of its supply, while Solana shows a cleaner cup-and-handle structure.

A potential catalyst for XRP could emerge this week with the expected Nasdaq trading debut of Ripple-backed Evernorth on October 8. The company plans to use much of its net proceeds to purchase XRP on the open market, aiming to build an institutional XRP treasury. This move could strengthen the supply-shock thesis if institutions increasingly remove XRP from liquid markets, though the effect may be less straightforward if the held XRP is later deployed into lending markets, potentially returning to circulation.