Peter Brandt Spots Cup-and-Handle Pattern in XRP Price Chart

Veteran trader Peter Brandt has highlighted a potential bullish pattern for XRP, suggesting the cryptocurrency may be forming a cup-and-handle continuation structure. Brandt's cryptic chart, which includes an image of a coffee cup, marks $1.6572 as the key level to watch for confirmation.

Currently trading around $1.52, XRP has shown significant recovery from its August lows near $1.00. The initial rally in August pushed XRP toward $1.70 before a correction brought it down to $1.27 in mid-September. The subsequent rebound toward $1.60, $1.65 has led to a consolidation phase around $1.50, which could develop into the 'handle' portion of the pattern.

Technical indicators support a cautiously bullish outlook. XRP remains above its major moving averages, with short-term support around $1.45 and longer-term support at $1.35, $1.40. The break of an earlier descending trendline has removed a key barrier. Momentum, as measured by the RSI, is neutral-to-bullish, avoiding the overbought conditions seen during August's breakout.

The next critical hurdle is $1.65, $1.66, where sellers have repeatedly pushed prices down. A daily close above $1.6572 would strengthen the cup-and-handle narrative, potentially targeting the August high of $1.70 and the psychological $2.00 level. Failure to break resistance could trap XRP within its current range, with support at $1.48, $1.50 and further downside risk toward $1.35, $1.40.