Peter Brandt sets $2.16 XRP target on cup-and-handle pattern

Key points

• Brandt's measured move projects the inverted head-and-shoulders height to $2.16, about 44% above XRP's roughly $1.50 level.
• He says the pattern's right shoulder is "poorly formed" and abbreviated, so more development is likely but not certain.
• Brandt calls XRP's large overhead supply a negative, and prefers Monero's chart among coins he compared.

Peter Brandt has named a bullish XRP target of $2.16, saying the cryptocurrency's chart shows an emerging cup-and-handle formation, U.Today reports. The veteran trader said the measured move comes from projecting the height of an inverse head-and-shoulders pattern on daily closing prices upwards.

With XRP trading near $1.50 at the time of writing, the target implies a rally of roughly 44%. Brandt cautioned that targets are not sacred and that charts often fail to deliver what is first identified, morphing into something else. He said the pattern's right shoulder is poorly formed and abbreviated, which suggests further development is likely but not necessary.

Target and pattern

Brandt also flagged a major obstacle for bulls: a large amount of overhead supply in XRP. He said holders at higher price levels could sell as the token rises, creating resistance, and called this a negative for XRP. He compared XRP with other major coins, saying Monero has already absorbed much of its overhead supply and Solana shows a better-looking cup-and-handle.

Brandt stressed that he trades price rather than fundamentals, adding that he cares little about the fundamentals of XRP or any coin other than Bitcoin. Per CoinGecko data cited in the report, XRP has a market capitalisation of about $94.7bn and is up around 5.5% over the past month.

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