Brandt Maps the Charts So You Don't Have to (XRP, XMR, SOL, ETH Edition) 📊

Veteran trader Peter Brandt shared updated technical assessments on XRP, XMR, SOL, and ETH on Tuesday, days after projecting a rally in XRP to $5.40. He also flagged a major headwind for XRP's price and compared chart structures on XMR, SOL, and ETH.

Brandt said he has identified a cup-and-handle formation on the XRP price chart that he noted could serve as the right shoulder of a head-and-shoulders pattern on the weekly timeframe. Based on the bullish pattern, he projected a move to $2.16. He cautioned that "charts often fail to deliver what we first identify and morph into something else." Brandt also pointed to heavy overhead supply as a "negative" factor for any XRP rally.

XRP was trading near $1.51 at the time of the analysis, consolidating for more than two weeks, with a 24-hour low of $1.49 and a 24-hour high of $1.53. Trading volume was up 13% over the past 24 hours, according to the data cited.

Turning to XMR and SOL, Brandt said he sees a cup-and-handle pattern forming on both charts. For ETH, he highlighted what he described as massive congestion on the chart, though he said it does not reach the same level as the overhead supply he identified on XRP.

Separately, XRP treasury company Evernorth is set to list on Nasdaq after shareholders of Armada Acquisition Corp II voted in favor of the combination.