XRP Eyes $2.16 Breakout as Evernorth Nasdaq Debut Nears

Veteran trader Peter Brandt has identified a potential breakout target for XRP at $2.16, based on a cup-and-handle pattern on its daily chart. However, he cautioned that the setup could also evolve into a bearish head-and-shoulders formation, noting that chart patterns are not set in stone. Brandt emphasized that XRP faces significant overhead supply, which could hinder any upward movement. He also highlighted that his analysis is purely technical, with little regard for the fundamentals of cryptocurrencies other than Bitcoin.

Brandt's analysis comes as Evernorth prepares to debut on the Nasdaq under the ticker XRPN on October 8. The company expects to hold about 473 million XRP at closing, making it the largest publicly traded firm focused solely on XRP. Evernorth plans to grow its XRP holdings through staking, yield strategies, and capital markets activity. The deal has attracted backers like Ripple, Kraken, and SBI Group, among others.

In contrast, Brandt expressed a preference for Monero (XMR), calling it his favorite due to its absorbed supply and clear sailing ahead. He also noted that Solana (SOL) shows a cup-and-handle pattern, though at a different level than XRP. Meanwhile, XRP's price was down 1% over the past 24 hours, amid broader market weakness, with retail sentiment shifting to bearish on Stocktwits.

The upcoming Nasdaq debut of Evernorth could put XRP in the spotlight, as the company's performance will be closely watched by investors. However, Brandt's caution about overhead supply serves as a reminder of the challenges XRP may face in achieving the $2.16 target.