Veteran trader Peter Brandt has turned heads in the XRP community after sharing a daily chart that appears to hint at a developing cup-and-handle formation. The post, published on October 5,
Veteran trader Peter Brandt has turned heads in the XRP community after sharing a daily chart that appears to hint at a developing cup-and-handle formation. The post, published on October 5, included a coffee cup placed beneath the token's recent price structure, with $1.6572 marked as a key level. Brandt offered no detailed written explanation of the setup, leaving the chart to speak for itself.
Brandt drew attention to what appears to be a developing cup-and-handle structure on the daily timeframe, putting the $1.6572 high back in focus as the level buyers would need to clear.The larger part of the setup began with XRP's August rally toward the mid-$1.60 region, before price rolled over and dropped into the $1.25 to $1.30 area in mid-September.From there, buyers drove XRP back toward the previous high. The rebound peaked at $1.6572 on September 23, effectively bringing price back toward the area where the earlier decline began, creating the "cup" portion of the structure.
Since that September 23 high, XRP has pulled back without returning anywhere near the cup low, instead holding mostly in the $1.45 to $1.55 region, creating the smaller consolidation that could serve as the handle.For the setup to move beyond a developing pattern, XRP still needs to clear the rim around $1.6572. From $1.5230, that requires an advance of about 8.8%.
A convincing daily breakout above $1.6572 would strengthen the cup-and-handle interpretation and could put the August high around $1.70 back into focus. Beyond that, the psychological $2.00 level would become increasingly relevant.
The $1.65 to $1.66 range continues to act as a significant barrier, where XRP has encountered resistance multiple times, evident from the upper wicks on the candles, indicating sustained seller activity. On the downside, failure to break resistance would leave XRP trapped inside its current range. Initial support sits around $1.48 to $1.50, followed by approximately $1.45. Losing those levels could invalidate the developing handle and expose the $1.35 to $1.40 region.
The chart is not Brandt's first bullish signal on $XRP. The daily chart is separate from Brandt's September 21 monthly chart, which indicated an eventual advance to $5.40 without specifying when. No such target was attached to this latest post.
Sources:The Crypto Basic: Peter Brandt Shares New XRP Setup as Bullish Cup-and-Handle Takes ShapeCoinTurk: Peter Brandt Highlights XRP Cup and Handle, Eyes $1.6572 Resistance LevelCrypto Economy: Peter Brandt Teases XRP Cup-and-Handle Setup
