Peter Brandt Prefers Monero as XRP Rally Faces Selling Pressure

TLDR:

Peter Brandt favors Monero among the altcoin charts he compared, saying its previous overhead supply has already been absorbed.

XRP faces potential selling from investors who bought at higher prices, creating resistance that could interrupt a recovery toward $2.16.

The developing XRP reversal pattern has a short, poorly formed right shoulder, although Brandt says further development is not required.

The $2.16 daily chart objective and earlier $5.40 monthly projection reflect separate patterns, rather than a revised single forecast.

Peter Brandt favors Monero over XRP, despite identifying a potential XRP advance toward $2.16. The veteran trader says XRP faces substantial overhead supply that could interrupt a recovery. Monero, by comparison, has absorbed the comparable supply in his chart assessment. His preference reflects trading patterns rather than an evaluation of either cryptocurrency’s underlying technology.

Brandt also compared Solana, Ethereum, and Stellar over the same period, highlighting differences in resistance and chart structure. For XRP, the bullish objective remains conditional. Its developing pattern could change, while investors who bought at higher prices may sell as the market approaches their entry levels.

Peter Brandt Favors Monero as XRP Faces Supply Barriers

Peter Brandt described Monero as his strongest choice among the altcoin charts under review. He argued that its previous overhead supply had already been absorbed, leaving a clearer technical path.

“Of these, my favorite by far is XMR,” he wrote.

That assessment explains why a bullish XRP price target did not make XRP his preferred trade. A chart can suggest potential gains while still showing barriers along the route.

Overhead supply refers to potential selling from holders who purchased above the current market price. When prices recover, some may exit near their original purchase levels, limiting further progress.

Brandt identified that issue as a significant negative for XRP. His comparison focused on the relative burden visible across charts covering the same period.

Solana received a more favorable assessment for its cup and handle formation. He considered that structure stronger than the corresponding pattern developing in XRP.

Ethereum showed considerable congestion, reflecting trading concentrated within a crowded range. However, Brandt distinguished that congestion from the overhead supply he identified in XRP.

Stellar also faced overhead supply, although he considered its burden smaller. These distinctions shaped his preference for Monero without establishing guaranteed outcomes for any asset.

For Peter Brandt, the distinction concerns both the potential move and the resistance that could delay it. His favorable reading of Monero addresses the latter issue, while XRP’s measured objective describes a possible destination without resolving the supply problem along the way.

Peter Brandt said he did not need to understand Monero’s fundamental narrative to assess its chart. His stated approach prioritizes price behavior, with Bitcoin an exception to his broader indifference toward cryptocurrency fundamentals.

Daily XRP Target Differs From Earlier Monthly Projection

Peter Brandt derived the $2.16 objective from a possible inverse head and shoulders pattern. He used daily closing prices to measure the formation, rather than intraday highs and lows.

Source: Peter Brandt The setup features three troughs, with the central trough deeper than the surrounding two. Projecting the pattern’s height upward produces a measured objective, subject to the structure developing as anticipated.

His earlier daily XRP chart highlighted a cup and handle formation. He suggested that smaller pattern could become the right shoulder of the larger reversal structure.

However, the shoulder remained short and poorly developed in his assessment. More formation appeared likely, although he explicitly stopped short of calling further development necessary.

Peter Brandt cautioned that chart patterns can evolve into different configurations as trading continues. A projected destination therefore does not establish that the market will reach it.

“Targets or objectives are not sacred,” he wrote.

The XRP price objective also differs from his earlier $5.40 projection, shared on September 21. That assessment came from a monthly chart and addressed a separate, longer term structure.

He did not describe $2.16 as a replacement for $5.40. Nor did he identify the lower figure as a required intermediate stop toward the higher objective.

In a September 26 comment, Brandt said XRP’s chart alone could justify considering a trade. He later asked XRP supporters not to interpret his technical criticism as a personal offense.

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