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Veteran trader Peter Brandt has drawn attention to XRP with a somewhat a cryptic chart, showing the cryptocurrency's recent price structure alongside an image of a coffee cup. The implication appears straightforward: XRP may be developing a cup-and-handle-style continuation pattern, with $1.6572 marked as the level to watch.
Exiting correction period
XRP currently trades around $1.52 after a substantial recovery from its August lows near $1.00. The first leg of the structure came from the explosive August breakout, which pushed XRP toward $1.70 before a broad correction sent it back toward $1.27 in mid-September.
The subsequent recovery is what makes Brandt's chart interesting. XRP rebounded rapidly toward $1.60–$1.65 and has since moved sideways around $1.50. This consolidation could potentially serve as the "handle" portion of the formation, although confirmation remains absent while XRP trades below Brandt's $1.6572 resistance.
The daily chart provides some support for the bullish interpretation. XRP remains comfortably above its major moving averages, including short-term support around $1.45 and a cluster of longer-term averages around $1.35–$1.40. The earlier descending trend line has also been broken, removing one of the major technical barriers that constrained XRP throughout September.
Momentum is relatively healthy. The RSI sits in neutral-to-bullish territory rather than returning to the heavily overbought state seen during the August breakout. That gives buyers some room if another growth period starts.
XRP rises again
However, $1.65–$1.66 remains the decisive barrier. XRP has already produced several upper wicks around this area, indicating that sellers remain active. 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.
Failure to break resistance would leave XRP trapped inside its current range. Initial support sits around $1.48–$1.50, followed by approximately $1.45. Losing those levels could invalidate the developing handle and expose the $1.35–$1.40 region.
For now, Brandt's cup reference looks less like a confirmed signal and more like a setup awaiting its trigger: $1.65.