Peter Brandt Maps $2.16 XRP Target but Warns of Heavy Selling Resistance

In Brief:

• Peter Brandt identifies a potential XRP rally to $2.16 based on an emerging chart pattern implying approximately 44% price upside.
• Brandt warns that XRP’s poorly formed right shoulder and substantial overhead supply could complicate the token’s potential advance toward $2.16.
• Monero has cleared much overhead supply, while Solana shows a stronger cup-and-handle formation, according to Brandt’s comparison with XRP’s setup.

 

Veteran trader Peter Brandt has outlined a potential XRP rally to $2.16, while warning that substantial overhead supply could restrict gains. According to Brandt’s analysis, XRP shows an emerging cup-and-handle formation that could support the bullish objective if the pattern develops successfully.

On a larger timeframe, he also identified the formation as a possible right shoulder within an inverse head-and-shoulders structure. His assessment links the smaller cup-and-handle setup with a broader pattern visible on XRP’s daily closing price chart.

Brandt calculated the $2.16 objective by measuring the larger formation’s height and projecting that distance upward from the pattern. He also expressed support for measured moves, the charting method underlying his calculation of XRP’s potential upside target.

With XRP trading around $1.50 in the referenced market snapshot, reaching $2.16 would require a gain of approximately 44%. In dollar terms, the projected advance would add around $0.66 to the token’s price if the formation plays out.

Brandt nevertheless described the possible right shoulder as “poorly formed” and “abbreviated,” highlighting shortcomings within the emerging bullish structure. His comments leave open whether the shoulder needs further development or whether the existing shape will prove sufficient.

The trader’s assessment therefore includes reservations about the formation itself, alongside the potential upside suggested by its measured height. Technical formations can miss their projected targets or develop into different structures, leaving the $2.16 objective dependent on the setup’s outcome.

Also Read: Crypto Market Posts Mixed Moves as Bitcoin Falls and SIF Surges 268%

Overhead Supply Complicates XRP’s Potential Advance Toward Brandt’s Target

Brandt identified substantial overhead supply as a major obstacle for XRP bulls, pointing to the token’s position on its weekly chart. XRP remains well below major peaks from its previous rally, leaving higher price levels that could attract selling during a recovery.

Holders who purchased XRP at elevated prices could sell as the token advances, creating resistance along its potential upward path. Brandt characterized this supply burden as a negative factor for XRP, despite identifying a chart pattern with a bullish objective.

He also compared XRP with Monero, noting that XMR has already worked through much of its overhead supply. Meanwhile, he described Solana’s cup-and-handle formation as better looking than the emerging structure he identified on XRP’s price chart.

Those comparisons accompanied his XRP analysis, placing the token’s potential rally alongside concerns about supply and the formation’s incomplete appearance. According to the referenced CoinGecko figures, XRP traded around $1.50 and carried a market capitalization of approximately $94.65 billion.

The token had gained roughly 5.5% over the preceding month, while remaining below the rally peaks highlighted in Brandt’s assessment. Brandt’s $2.16 projection remains conditional on the pattern playing out, with an imperfect right shoulder and overhead supply complicating the outlook.

Also Read: CFTC Proposes Federal Exchange Category for Leveraged Retail Crypto Trading

The post Peter Brandt Maps $2.16 XRP Target but Warns of Heavy Selling Resistance appeared first on 36Crypto.