Peter Brandt Spots Cup-and-Handle Pattern in XRP

Veteran trader Peter Brandt has highlighted XRP with a chart that suggests the cryptocurrency might be forming a cup-and-handle pattern. The key level to watch, according to Brandt, is $1.6572. If XRP can break above this resistance, it could confirm the pattern and signal further upward momentum.

XRP is currently trading around $1.52, having recovered significantly from its August lows near $1.00. The first leg of this potential pattern was driven by an explosive breakout in August, which pushed XRP toward $1.70 before a correction sent it back to $1.27 in mid-September. The subsequent rebound toward $1.60, $1.65 and the current consolidation around $1.50 could be forming the 'handle' portion of the cup-and-handle pattern.

The daily chart supports a bullish outlook, with XRP trading above its major moving averages. Short-term support is around $1.45, while longer-term support sits at $1.35, $1.40. The earlier descending trend line has also been broken, removing a key technical barrier. However, the $1.65, $1.66 resistance remains a decisive hurdle. A breakout above $1.6572 would strengthen the cup-and-handle interpretation and could target the August high near $1.70, with the psychological $2.00 level becoming increasingly relevant.

If XRP fails to break resistance, it could remain trapped within its current range. Initial support is around $1.48, $1.50, followed by $1.45. Losing these levels could invalidate the developing handle and expose the $1.35, $1.40 region. For now, Brandt's cup reference appears more like a setup awaiting its trigger at $1.65.