Veteran crypto & commodities trader Peter Brandt has identified a double structure on XRP’s price charts, with a measured move towards the $2.16 resistance line. The quest to conquer this confluence resistance is based on two separate bullish patterns: the Cup ‘n’ Handle pattern on a smaller time-frame also coincides with the right shoulder of an H&S structure on a larger one.
XRP’s Got Overhead Supply?
On the other hand, Peter Brandt assumes there’s a “ton of overhead XRP supply to go through”, which makes a contrasting case to Monero (XMR). The popular privacy coin whipped up nearly 500% gains in a year as the market quickly absorbed the privacy crypto’s token supply. Another great example of that is Zcash (ZEC), whipping up 777% gains in a yearly time-frame.
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Previously, the analyst named $5.40 as the long-term XRP price target. Peter Brandt also said Monero (XMR) is the top pick, as it’s “clearly sailing ahead” after the exchange supply saw a drought. Big-time bullish arguments were also unleashed on Ethereum (ETH) for topping $8,600 if the $5,000 resistance breaks.
Double-Edged Sword For XRP
If the heavy overhead supply ahead matched XRP’s buying demand, this could turn out to be a double, even triple-digit percentage rally for the OG altcoin. If it doesn’t match the overhead count, a dip below the $1.35 – $1.50 support bubble could be on the cards.
Meanwhile, XRP treasury Evernorth is set to list on Nasdaq as Armada Acquisition Corp II shareholders voted in favor of a merger. XRP Army is now waiting on the NASDAQ listing, coming this week. This could be the biggest catalyst since the XRP ETF drop.
On the other hand, XRP’s current defense at $1.50 comes with strong whale & long-term holder support at $1.49, coinciding with the Smoothed Moving Average (SMA), pictured in purple. The big near-term test lies at $1.61, as the Red-Label Bollinger Band offers strong resistance.
On-chain signals are falling in line with Peter Brandt’s Cup ‘n’ Handle thesis, but the bigger challenge remains whether XRP’s Wall Street backing will manifest itself in corporate capital rotation strong enough to push the altcoin past $2. The NASDAQ debut is set for October 8.
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