Veteran Trader Identifies Resistance Levels for XRP Amid Supply Concerns

A prominent crypto trader has identified chart patterns suggesting XRP could face resistance at the $2.16 level, formed by a cup-and-handle pattern overlapping with a larger head-and-shoulders structure. The analyst cautions that significant overhead supply could impede upward price movement, contrasting XRP's situation with privacy coins like Monero that have experienced substantial gains due to lower circulating supply. An upcoming Nasdaq listing of XRP-related Evernorth through a merger could potentially serve as a major market catalyst.

Peter Brandt's analysis combines two overlapping technical patterns to establish his $2.16 resistance target for XRP. The cup-and-handle formation on shorter timeframes aligns with the right shoulder of a head-and-shoulders pattern visible on larger charts, creating what traders call a confluence level. However, Brandt emphasizes that XRP faces a substantial challenge from accumulated supply at higher price levels, a constraint that hasn't limited privacy-focused cryptocurrencies like Monero and Zcash, which experienced significantly higher percentage gains due to tighter token circulation.

The potential Nasdaq listing of Evernorth through merger completion could function as a major market catalyst for XRP sentiment. Support levels currently hold at $1.35-$1.50, while near-term resistance appears at $1.61, with whale activity and long-term holders providing additional defense. Brandt's longer-term price objective remains $5.40, contingent on whether XRP's institutional backing translates into sufficient capital flow to overcome overhead resistance.