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Legendary Trader Peter Brandt Names Bullish XRP Target

source-logo  u.today 06 October 2026 12:21, UTC
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Veteran trader Peter Brandt has set a potential price target for $XRP at $2.16.

The trader believes there is an emerging technical formation that could lead to the aforementioned bullish price target for the cryptocurrency.

$XRP Excuse the rant I am about to unleash I believe in a concept called "measured moves" Targets or objectives are not sacred Charts often fail to deliver what we first identify and morph into something else I have identified a C&H in $XRP On a larger time frame this C&H might be the right shoulder of a H&S The measured move would be to 2.16 with is the height of the inverted H&S (closing price, daily) projected upwards Chart change One pattern is identified only to turn into something else The right shoulder is poorly formed and abbreviated - this would suggest further right shoulder development is likely, but NOT necessary Note in $XRP there is a TON of overhead supply to work through This is a negative for $XRP Please note that I could care less about the fundamentals of $XRP or any other coin than BTC $XRP fans, please don't take this as an offense I trade price. Price is all that matters to me Look at the charts of some other coins -- using the same time period. $XRP has all that supply overhead, but look at $XMR -- all the supply has been absorbed. It is clear sailing ahead. Or $SOL. Now this is a Cup and Handle on a different level than $XRP. Or ETH -- massive congestion without the same type of overhead supply that we find in $XRP. Or XLM - overhead supply, but not in same magnitude as $XRP Of these, my favorite by far is $XMR. I do not know the fundamental narrative. I do not need to know. I write about these things as my contribution to the @BitcoinLive1 collaborative service. Trial memberships are presently available for $97. That less than what you will lose on your next losing trade. You have everything to gain by giving BitcoinLive a trial here https://t.co/7xkEgygNFY This sale end very soon

— The Factor Report (@PeterLBrandt) October 6, 2026
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A promising pattern

The seasoned chartist stated he is seeing a cup-and-handle technical formation on the $XRP chart.

On a larger timeframe, it could also be the right shoulder of an inverse head-and-shoulders pattern.

Brandt says $XRP price could hit $2.16 if the emerging technical pattern he's tracking ends up playing out.

He set a potential $2.16 price target based on taking the height of this inverse head-and-shoulders formation on a daily closing price chart and extending it upwards.

Given that $XRP is currently trading near $1.50, it would mean the token would need to rally around 44% for it to hit Brandt's potential price target.

However, technical patterns often don't hit their initial targets or sometimes transform into something entirely different.

The veteran trader explained he is a believer in the idea of "measured moves."

Brandt also noted that this potential right shoulder of the technical pattern is "poorly formed" and "abbreviated." This could indicate that more of the right shoulder is still forming, but not necessarily.

Major $XRP obstacle

Brandt also pointed to a major obstacle for the bulls with $XRP price: a lot of overhead supply.

Looking at a weekly chart, Brandt pointed out that $XRP price is well off the major peaks from the previous rally. There could be a lot of holders at higher price levels that could sell as $XRP goes higher, forming resistance.

"There is a TON of overhead supply to go through," said Brandt. He called it a negative for $XRP.

The trader compared $XRP to a number of other major cryptocurrencies. He claimed that Monero ($XMR) has already worked through a lot of its overhead supply. He also said Solana shows a much better-looking cup-and-handle technical formation.

At the time of writing, $XRP is trading around $1.50 and has a market cap of around $94.65 billion, per the provided CoinGecko data. Over the past month, $XRP is up around 5.5%.

u.today