In Brief: Peter Brandt’s XRP chart highlights $1.6572 resistance, with a coffee cup suggesting a potential cup-and-handle formation beneath the breakout level. XRP trades around $1.52 above m
XRP’s recovery faces a resistance test at $1.6572, the level highlighted in veteran trader Peter Brandt’s latest chart. According to Brandt’s chart, XRP consolidates near $1.50 beneath resistance, while his coffee cup image suggests a possible cup-and-handle breakout.
XRP trades around $1.52, following a recovery from August lows near $1.00 that initially carried its price toward $1.70. Sellers then pushed the cryptocurrency lower, with the correction reaching approximately $1.27 during the middle of September.
Buyers subsequently drove XRP back toward $1.60–$1.65, bringing the price closer to the resistance highlighted in Brandt’s chart. Trading has since settled around $1.50, creating the consolidation that could represent the handle within the developing formation.
Several upper wicks near $1.65–$1.66 show that sellers have repeatedly challenged attempts to move beyond this resistance area. Those rejections place Brandt’s marked level at the center of the setup, despite XRP’s recovery from its September low.
A convincing daily breakout above $1.6572 would strengthen the pattern interpretation and bring the August high near $1.70 into view. Beyond that previous peak, the psychological $2.00 level represents another potential reference point if buying momentum strengthens further.
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Daily chart indicators show XRP holding above its major moving averages, with shorter-term support positioned around the $1.45 area. A separate cluster of longer-term averages sits between $1.35 and $1.40, below the cryptocurrency’s current consolidation range.
Additionally, XRP has broken the descending trend line that restricted its price during September, changing the structure of its recovery. Buyers now face horizontal resistance near $1.65, following their move beyond the earlier downward-sloping barrier on the daily chart.
The relative strength index sits in neutral-to-bullish territory, below the heavily overbought readings recorded during the August advance. This places momentum in a different position from the earlier breakout, when XRP accelerated from its lows toward $1.70.
Initial support lies around $1.48–$1.50, where buyers face the task of maintaining the consolidation beneath Brandt’s highlighted resistance level. A retreat below this zone would bring approximately $1.45 into view, alongside the shorter-term moving average support.
Losing those levels could weaken the developing handle and expose the longer-term moving average cluster around $1.35–$1.40. Brandt’s $1.6572 marker remains the central breakout threshold, while support around $1.48–$1.50 defines the nearest downside test for XRP.
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The post Peter Brandt’s XRP Chart Highlights $1.6572 as Key Breakout Level appeared first on 36Crypto.
