XRP Needs to Clear $1.65 to Confirm Bullish Cup-and-Handle Pattern
Market analyst Peter Brandt has highlighted a developing "cup-and-handle" pattern in XRP, identifying the September 23 high of $1.65 as a critical breakout level. This bullish chart formation, which resembles a cup with a handle, suggests a potential upward breakout if XRP can surpass this key resistance.
As of October 5, XRP was trading around $1.52, slightly above its 200-day simple moving average of $1.49. To confirm the pattern, XRP would need to break above the $1.65 level, which would require a roughly 9% gain. The pattern began with XRP’s August rally toward the mid-$1.6 range, followed by a decline into the $1.25-1.30 area by mid-September. The cryptocurrency then recovered sharply, reaching $1.65 on September 23 before pulling back and consolidating between $1.45 and $1.55.
A break below the handle’s recent support around $1.45 could weaken the bullish setup. However, the chart’s average directional index (ADX) reading of 43.8 indicates a strong existing trend. Brandt has previously suggested a long-term price target of $5.40 for XRP, although he did not provide a timeframe for this level.