Key facts
- Peter Brandt predicts XRP could rally to $2.16 based on a cup-and-handle pattern.
- Brandt warned of heavy overhead supply as a major headwind for XRP.
- He favors Monero (XMR) due to absorbed supply and sees "clear sailing ahead."
- Brandt described Solana's (SOL) cup-and-handle pattern as cleaner than XRP's.
- Ethereum (ETH) has relatively less supply pressure than XRP, according to Brandt.
- Brandt projected a long-term ETH rally above $8,600 after a breakout above $5,000.
Veteran trader Peter Brandt shared his technical analysis and predictions for several cryptocurrencies, including XRP, Monero (XMR), Solana (SOL), and Ethereum (ETH), on Tuesday.
Brandt identified a cup-and-handle pattern on XRP's weekly chart, suggesting a potential rally to $2.16. However, he cautioned that chart patterns can evolve and highlighted significant overhead supply as a major obstacle for XRP's price.
He expressed a preference for Monero (XMR), stating that its supply has been absorbed and anticipates "clear sailing ahead." Brandt noted a resistance level near $561 for XMR.
Comparing Solana (SOL) to XRP, Brandt described SOL's cup-and-handle pattern as being on a "different level" and cleaner, without the same limitations he foresaw for XRP. SOL was trading near $121, showing an orderly base.
For Ethereum (ETH), Brandt observed significant chart congestion but less overhead supply compared to XRP. He projected a long-term rally above $8,600 for ETH, contingent on a successful breakout above $5,000, based on classical technical structures and historical reversals. Upcoming upgrades and the aim for quantum resistance were also mentioned as factors for ETH.
At the time of reporting, XRP was trading near $1.51, XMR at $559, and SOL at $119.41.