Peter Brandt Warns XRP Bulls Over Significant Resistance Ahead

Peter Brandt, a seasoned trader, has issued a cautionary message to XRP investors despite a $5.40 long-term price target. On October 6, he highlighted substantial overhead supply that could hinder XRP’s recovery, even as the token’s chart suggests a potential upside. Brandt identified a cup-and-handle pattern in XRP but warned that technical targets are not guaranteed, emphasizing flexibility in chart analysis. His immediate price objective stood at $2.16, derived from the dimensions of an inverted head-and-shoulders pattern, though he noted that the right shoulder of the pattern might need further development.

Brandt’s warning centered on the resistance XRP could face during a recovery, describing the overhead supply as a negative factor. He stressed that his trading decisions rely solely on price movements, not the token’s fundamental narrative. In a September 26 post, Brandt had previously suggested that investors could consider XRP based on chart strength alone, without becoming a “certified cult member.” He also referenced Standard Chartered’s year-end forecast of $2.80 for XRP, adding another layer to the discussion.

Comparing XRP with Monero, Brandt expressed a strong preference for Monero, citing fewer obstacles ahead for the latter. He argued that Monero had already absorbed its supply resistance, making it a clearer path forward. Brandt clarified that his preference was based on technical analysis rather than understanding Monero’s fundamentals. His earlier posts had outlined a $5.40 target for XRP, reflecting a longer-term perspective amidst the current cautions.