Peter Brandt sets $2.16 XRP target, flags heavy overhead supply
In brief
- Peter Brandt set a potential $2.16 XRP price target, per U.Today.
- A cup-and-handle pattern inside a possible head-and-shoulders setup underpins the target.
- XRP traded near $1.50 per U.Today, implying a roughly 44% rally to reach the target.
- Overhead supply is a negative for XRP, Brandt said, adding that targets aren't sacred.
- XMR was by far Brandt's favorite among the coins he compared.
How Brandt got to $2.16
Brandt said he believes in a concept called "measured moves." In his reading, the measured move would be to $2.16, which he said is the height of the inverse head-and-shoulders pattern (using daily closing prices) projected upward.
The pattern isn't finished yet. Brandt described the right shoulder as poorly formed and abbreviated, which he said suggested further development was likely (though not necessary).
According to U.Today, XRP was trading near $1.50 at the time, so the token would need to rally about 44% to reach his target.
That's a wide gap.
The caveats came in the same post
Brandt said targets aren't sacred, and that charts often fail to deliver their initial targets or turn into other patterns entirely. He also pointed to supply. Looking at a weekly chart, Brandt noted XRP was well below the major peaks of its previous rally, U.Today reported.
"Note in XRP there is a TON of overhead supply to work through This is a negative for XRP"
U.Today suggested that holders who bought at higher prices could sell as XRP rises, creating resistance. That's the publication's interpretation, not a line from Brandt's post.
XMR, not XRP, is his favorite
Brandt said he doesn't care about the fundamentals of XRP or any coin other than BTC, and that he trades only on price. He then compared XRP's chart with several others. XMR's supply had been absorbed, he said, leaving it with "clear sailing ahead."
He said SOL showed a cup-and-handle on a different level than XRP. ETH showed heavy congestion without the kind of overhead supply seen in XRP, in his view, while XLM had overhead supply but less of it than XRP.
Of the group, Brandt said XMR was by far his favorite, adding that he didn't know (or need to know) its fundamental narrative.
Frequently asked questions
How did Peter Brandt arrive at a $2.16 target for XRP?
Brandt said he believes in a concept called measured moves. He said the measured move would be to $2.16, based on the height of the inverse head-and-shoulders pattern (daily closing prices) projected upward.
Why is Brandt cautious about XRP despite the target?
Brandt said XRP faces a large amount of overhead supply and called this a negative for the token. He also said targets aren't sacred and that charts often fail to deliver initial targets or turn into other patterns.
