XRP
Analyst Peter Brandt Identifies Key Resistance Level for XRP Chart Setup
Technical analysis by veteran chartist Peter Brandt highlights a developing cup-and-handle formation on XRP with a pivotal level at $1.65.
According to chart analysis published on October 5 by veteran market analyst Peter Brandt, XRP is forming a cup-and-handle technical pattern. The formation requires a confirmed breakout above the September 23 high of $1.65 to validate the bullish structure. At the time of the analysis, XRP was trading near $1.52, slightly above its 200-day simple moving average of $1.49, requiring an advance of roughly 9% to clear the cup's rim.
The pattern originated from an August rally into the mid-$1.60 range, followed by a pullback toward $1.25 to $1.30 by mid-September. The asset subsequently recovered to $1.65 on September 23 before consolidating between $1.45 and $1.55 to form the handle portion of the pattern.
Brandt noted that a drop below the handle's support level near $1.45 would weaken the setup, while pointing to an Average Directional Index reading of 43.8 indicating strong trend strength. The update follows earlier commentary from Brandt in late September suggesting a longer-term technical trajectory toward $5.40, though without a specified timeframe.
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