Peter Brandt maps a 251% path for XRP to $5.40 but stops short of a trade call
- Peter Brandt posted a long-term XRP chart on Sept. 21 pointing to an eventual $5.40, about 251% above where the token traded.
- Brandt wrote that simple presentation of a chart is not a trade.
- XRP gained 8.7% to $1.54 over 24 hours on Sept. 21.
Veteran chartist Peter Brandt put out a long-term XRP chart on Sept. 21 projecting an eventual move to $5.40, about 251% above where the token traded. He says the projection isn’t a recommendation to trade.
Price rallied ~9% higher in one session, and XRP holders picked up the note.
The chart sits below an 18-month average near $1.88
Brandt shared the chart on X, saying it “implies an eventual advance to $5.40.”
“A claim of a ‘call’ or simple presentation of a chart is NOT a trade,” Brandt wrote.
Anyone claiming trades must show proof, he added, and an X post is not proof. His word “eventual” slots $5.40 somewhere down the road.
Brandt entered the commodity trading business in 1976. He founded Factor Trading in 1980, trading mostly proprietary capital, and has written two books on chart patterns and commodity trading.
The chart is based on monthly candles of XRP/USDT and goes back several years. It traces a falling resistance line from the 2018 high meeting a rising support line from the 2020 lows.
On its latest run XRP broke through the top of that formation. That run took it above $3 before a long correction set in.
The token is now trading around $1.49, which is less than its 18-month moving average of $1.88. $5.40 is based on the idea that XRP will first gain back a lot of the ground it lost.
Depending on the reference price, the gap is about 251% from $1.54, or ~260% from $1.50.
Absa switches on Ripple custody during an 8.7% rally
XRP climbed to $1.54 on Sept. 21, up 8.7% or $0.12 in 24 hours. The token swung between $1.41 and $1.57 before pulling back from its high, a range of about 11% from bottom to top.
On Sept. 21, South African lender Absa switched on Absa Digital Asset Custody based on Ripple’s custody technology. The rollout comes 11 months after Ripple and Absa first announced the partnership.
Asset manager 21Shares rests its XRP bull case on regulatory clarity, institutional access, quantifiable utility, and a fixed supply. The firm says there are around $4 billion in tokenized assets and around $1.6 billion RLUSD supply, with more than half of the RLUSD supply circulating on the XRP Ledger.
21Shares also warns that greater activity on the XRPL doesn’t automatically convert into lasting XRP demand.
The US Senate failed to advance the CLARITY Act, and the cloture was rejected 49-50. Ripple said the vote’s failure left XRP’s legal status unaltered and had no effect on demand for payments, stablecoins, and institutional use.
XRP options were priced to anticipate a one-standard-deviation swing of ~8.9% through Sept. 27, the largest expected move among major tokens. Solana sat at 8.0%, Ethereum at 6.9%, and Bitcoin at 5.0%.
That implied move was ~1.79x XRP’s historical median 7-day move. Cryptopolitan has charted the top addresses of XRP back in June.
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FAQs
What price target did Peter Brandt give for XRP?
Brandt's long-term chart implies an eventual advance to $5.40, about 251% above the $1.54 level XRP traded at.
Did Peter Brandt tell people to buy XRP?
No. Brandt wrote that "simple presentation of a chart is NOT a trade."
What else happened with XRP on Sept. 21?
South African lender Absa launched Absa Digital Asset Custody, built on Ripple's custody technology.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
