Veteran Trader Sets New XRP Target Amid Supply Concerns
Veteran trader Peter Brandt has set a new price target for XRP at $2.16, but cautioned that significant “overhead supply” could impede its ascent. In a recent post on X, Brandt also expressed a preference for the charting patterns of Monero, Solana, and Ether over XRP.
Brandt shared a weekly XRP chart showing the cryptocurrency trading around $1.51. He identified a potential cup and handle pattern, which on a larger timeframe could represent the right shoulder of an inverse head and shoulders formation. Applying what he terms a “measured move” calculation, he projected the height of this pattern upward, arriving at the $2.16 target. This would represent a gain of approximately 43% from the price point on his chart.
However, Brandt was quick to temper expectations, noting that “Targets or objectives are not sacred.” He elaborated, “Charts often fail to deliver what we first identify and morph into something else.”
Overhead Supply Poses Challenge for XRP
The trader pointed to the “poorly formed and abbreviated” nature of the potential right shoulder as an indication that the pattern may require more time to develop. His primary concern, however, lies in the price levels above XRP’s current trading range. Many investors who purchased XRP during the 2025 rally, when it traded between roughly $2 and $3.70, may be looking to sell as the price approaches their break-even points.
“Note in XRP there is a TON of overhead supply to work through,” Brandt stated. “This is a negative for XRP.”
Brandt Focuses Solely on Price Action
Brandt, who has previously referred to XRP as a “fool coin,” reiterated his focus on price action rather than fundamental analysis. “I could care less about the fundamentals of XRP or any other coin than BTC,” he wrote. “XRP fans, please don’t take this as an offense. I trade price. Price is all that matters to me.”
Preferred Altcoin Charts
Brandt also compared XRP’s chart performance against four other cryptocurrencies over the same period. “Of these, my favorite by far is XMR,” he commented, referring to Monero. “I do not know the fundamental narrative. I do not need to know.”
