Veteran trader Peter Brandt has spotlighted XRP after publishing a chart that hints at a potential cup-and-handle continuation pattern. Brandt illustrated his perspective by pairing the price structure with an image of a coffee cup, emphasizing a key resistance at $1.6572.
XRP recovery and key levels
XRP has rebounded significantly, lifting its price to around $1.52 following a marked recovery from August lows near $1.00. The first phase in this suggested pattern began with a sharp breakout in August that propelled XRP close to $1.70, followed by a broad market pullback that dragged the price down to $1.27 by mid-September.
Brandt pointed to the recent bounce back towards $1.60–$1.65 and the subsequent stable trading near $1.50 as the formation of the handle section of the cup-and-handle pattern. Confirmation of this bullish structure, however, depends on a decisive move above the $1.6572 resistance outlined in Brandt’s analysis.
Bullish technical indicators
A review of daily charts supports the potential bullish reading. XRP continues to hold above several key moving averages. Short-term support appears firm around $1.45, while a collection of longer-term averages is clustered between $1.35 and $1.40. The previously dominant descending trend line has also been broken, removing a primary technical hurdle that restricted XRP during September.
Momentum indicators suggest buyers currently have room to act. The Relative Strength Index (RSI) remains in a neutral-to-bullish zone, providing contrast to the overbought levels recorded during the August breakout.
XRP remains above key moving averages, while momentum is healthy and the RSI stays neutral-to-bullish, suggesting buyers have space to drive another rally if resistance breaks.
Crucial resistance and potential breakout
The $1.65–$1.66 zone is proving difficult to surpass. Multiple price rejections, highlighted by upper wicks near this area, show persistent selling pressure. Analysts believe a strong daily close above $1.6572 is needed to confirm the cup-and-handle setup and renew focus on the former August high at $1.70. Should this occur, attention may shift toward the psychological barrier at $2.00.
If XRP cannot clear resistance, it may remain bound within its current trading range. Initial support levels are seen at $1.48–$1.50, then deeper at the $1.45 mark. A breakdown below these thresholds could negate the handle’s development and expose a decline back to the $1.35–$1.40 region.
| Key Level | Support/Resistance | Recent Price Action |
|---|---|---|
| $1.35–$1.40 | Support | Cluster of long-term moving averages |
| $1.45 | Support | Short-term support |
| $1.48–$1.50 | Support | Initial support zone |
| $1.6572 | Resistance | Cup-and-handle confirmation level |
| $1.65–$1.66 | Resistance | Multiple rejections by sellers |
| $1.70 | Resistance/Target | August breakout high |
| $2.00 | Resistance/Target | Psychological barrier |
At present, Brandt’s visual representation likens the situation to a coffee cup: an incomplete setup awaiting decisive movement above $1.65.
Mini dictionary: Peter Brandt, a well-known commodities and cryptocurrency trader and analyst, is widely followed in the financial community for his long history of chart-based market analysis and pattern recognition.
