Veteran trader Peter Brandt has identified a potential bullish chart pattern in XRP's recent price movement. On October 5, Brandt shared a daily price chart on X showing what he described as a cup-and-handle formation, with a horizontal resistance level marked at $1.6572.
According to the chart, XRP traded near $1.5230 at the time of the analysis. Moving from that level to the marked resistance would require an approximately 8.8% increase. The pattern formation reflects a sharp August advance, a retreat through mid-September, and a subsequent recovery toward the horizontal line, with recent price bars clustering below that level.
Understanding the Cup-and-Handle Pattern
A cup-and-handle formation combines a rounded price recovery with a smaller pullback near the upper portion of that recovery. The rounded section resembles a cup, while the shorter consolidation forms the handle. Confirmation of the pattern typically occurs when price breaks above the resistance level marking the upper edge of the cup.
Brandt, founder of Factor Trading and a commodities trader since 1976, has long used classical chart patterns to evaluate price movements across financial markets. He approaches analysis by examining recurring structures in historical prices rather than relying on sentiment.
Longer-Term Perspective
Brandt's daily chart analysis follows a separate long-term projection he shared on September 21. On a monthly chart, he identified a potential price target of $5.40 for XRP, representing a significantly higher level than recent trading ranges. At the time of that projection, XRP traded near $1.54.
Brandt has stated that chart patterns alone provide sufficient reason for trading decisions, emphasizing his analysis framework distinct from other perspectives on the cryptocurrency.
