Peter Brandt Spots Cup-and-Handle Pattern in XRP’s Daily Chart

Veteran trader Peter Brandt has highlighted a developing cup-and-handle pattern on XRP’s daily chart, with the Sept. 23 high at $1.6572 serving as the critical breakout level. The chart, shared on Oct. 5, shows XRP trading around $1.5230, slightly above its $1.4978 simple moving average (SMA). The asset has seen a 1.9% increase over the past 24 hours.

The cup portion of the pattern formed during XRP’s August rally toward $1.65, followed by a drop into the $1.25-$1.30 range in mid-September. The rebound peaked at $1.6572 on Sept. 23, completing the cup structure. Since then, XRP has consolidated in the $1.45-$1.55 range, shaping the handle.

For the pattern to gain strength, XRP must clear the $1.6572 resistance. A successful breakout could target roughly $2.05, based on a measured move from the $1.26 cup low. Conversely, a drop below $1.45 would weaken the setup, while a deeper fall toward September’s low would invalidate the cup-and-handle interpretation. The chart’s ADX reading of 43.80 indicates strong directional movement, though it does not specify the direction.

Brandt has recently shown increased interest in XRP’s technical charts, despite skepticism about its fundamental value. Earlier this year, he suggested a long-term target of $5.40 for XRP, though no specific timeline was provided. His latest focus remains on the $1.6572 breakout as the next key test for the asset.