Peter Brandt Sees Bullish Cup-and-Handle Pattern for XRP

Veteran trader Peter Brandt has suggested that XRP’s recent price movements might be forming a bullish chart pattern. In a post on Oct. 5, Brandt shared a daily price chart with a coffee cup beneath XRP’s trading history, hinting at a potential cup-and-handle formation. The chart marks a horizontal level at $1.6572, indicating that reaching this level from the current price of $1.5230 would require an 8.8% rise.

The cup-and-handle pattern typically involves a rounded price recovery followed by a smaller pullback near the upper part of that recovery. Brandt’s chart suggests that XRP’s sharp August advance, followed by a mid-September retreat and subsequent recovery, fits this structure. Confirmation of the pattern would depend on whether the price successfully challenges and breaks through the $1.6572 level.

This is not Brandt’s first optimistic projection for XRP. On Sept. 21, he shared a monthly chart suggesting a long-term target of $5.40 for the cryptocurrency. At the time, XRP was trading near $1.54, making the projected level approximately 251% higher. Brandt emphasized that his interest in XRP is based on historical price patterns rather than unquestioning loyalty to the asset.

Institutional perspectives also highlight XRP’s appeal. Matt Hougan, investment chief at asset manager Bitwise, noted its role in cross-currency transfers and liquidity, features that appeal to financial advisers. This institutional interest adds another layer to the discussion around XRP’s potential.