Renowned financial analyst Peter Brandt, who has recently challenged the value of XRP by labeling it “dumb money,” has provided a new evaluation that further scrutinizes the cryptocurrency’s market potential. Brandt compared XRP to other altcoins, including Monero (XMR), Solana (SOL), and Ethereum (ETH), ultimately expressing a preference for the latter three due to their more favorable market conditions.
Potential Move for XRP
In his latest analysis, Brandt forecasts a possible target of $2.16 for XRP, indicating an approximate 43% increase from its current price of $1.50. However, he cautioned that this projection is not guaranteed, especially given the selling pressure that XRP currently faces.
Brandt pointed to a cup and handle pattern visible in XRP’s daily closing prices, which could signal a more bullish trend. He also suggested this formation might evolve into the right shoulder of an inverse head and shoulders structure, providing a more substantial price catalyst. Nonetheless, he acknowledged that the pattern hasn’t fully matured and emphasized that price targets in technical analysis should always be treated with caution.
Challenges in XRP’s Path
One significant hurdle that Brandt highlighted is the issue of oversupply in XRP. He mentioned that the excessive quantity available could deter price increases, as holders who purchased at higher levels might contribute to new resistance if they decide to sell as prices rise.
Brandt maintained a skeptical stance on XRP’s intrinsic qualities, stating that he is primarily focused on price movements rather than fundamentals. He remarked, “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.”
Alternatives to XRP
In his comparative analysis, Brandt pointed out that he finds the technical performance of Monero particularly robust compared to XRP. He noted that the past supply in Monero has been well absorbed, resulting in less resistance to upward movement.
Similarly, Brandt assessed Solana’s cup-and-handle formation as superior to that of XRP, while recognizing that Ethereum, despite its volatility, does not suffer from the same level of oversupply pressure. Among these alternatives, he expressed a clear preference for Monero, stating, “My absolute favorite among these is XMR. I don’t know the basic narrative. And I don’t need to know it.”
Disclaimer: This analysis should not be construed as investment advice.
