Peter Brandt, a seasoned analyst who recently heavily criticized XRP and called it “dumb money,” has released a new analysis.
This time, Peter Brandt compared XRP to Monero, Solana, and Ethereum, but stated that he preferred the charts of XMR, SOL, and ETH over XRP.
He Explained the Possible Target and Obstacles for XRP!
Popular analyst Peter Brandt stated that XRP’s current technical outlook points to a potential move towards $2.16. However, Brandt emphasized that this target is not certain and noted that XRP faces significant selling pressure.
First, the analyst noted that he identified a cup and handle pattern on XRP’s chart based on daily closing prices. According to Brandt, this pattern could evolve into the right shoulder of an inverse head and shoulders structure on a larger timeframe. At this point, Brandt calculated a potential target of $2.16 for XRP, representing approximately a 43% increase from the current price of $1.50.
However, Brandt also noted that the formation is not yet perfectly formed, and while he believes in measured movements in technical analysis, he particularly emphasized that price targets should not be considered as definitive results.
The analyst stated that the biggest obstacle facing XRP is its oversupply, noting that there is too much oversupply in XRP, which poses a significant impediment to its upward movement.
According to the analyst, investors who bought XRP at higher levels may create new resistance areas during the uptrend if they sell when the price reaches these levels again.
Brandt, who recently described XRP as “fool’s money,” has once again made it clear with this post that he is not interested in XRP’s fundamental characteristics.
“…I’m not at all interested in the fundamentals of XRP or any cryptocurrency other than BTC. XRP fans, please don’t take this as an insult. I trade based on price. Price is the only thing that matters to me.”
Which Altcoins Does He Prefer Instead of XRP?
Brandt, continuing his criticism of XRP, also compared its technical appearance to Monero, Solana, and Ether.
The trader, noting that he found Monero’s chart particularly strong than XRP’s, stated that the past supply in XMR has been largely absorbed and there is less resistance in front of the price.
Brandt, who also assessed Solana’s cup-and-handle formation as stronger than XRP’s, said that although Ethereum has intense price volatility, it doesn’t have as significant upsupply pressure as XRP.
However, Brandt added that Monero was by far his favorite among the assets he compared.
“…My absolute favorite among these is XMR. I don’t know the basic narrative. And I don’t need to know it.”
*This is not investment advice.
