Veteran chart analyst Peter Brandt has once again focused on the XRP community, sharing a technical analysis that suggests a bearish market structure for the cryptocurrency on the weekly chart. Brandt’s assessment is based purely on price action, warning that the current setup indicates potential downside that traders must acknowledge and address.
Peter Brandt Points to a Potential Double Top
In a post on social media platform X, Brandt highlighted what he sees as a potential double top forming on XRP’s weekly chart. He noted that the pattern could still fail, but emphasized that as it currently stands, the structure appears bearish.
The analysis follows XRP’s recent price decline, which has seen it fall below the $2 level after days of sustained selling pressure in December. Brandt presented the situation as a matter of accepting what the chart shows, bluntly stating that market participants need to deal with the implications rather than dismiss them. His comments were also aimed at steadfast XRP optimists, clarifying that his view is not driven by bias against the asset but by classical charting principles. Until the price action disproves the pattern, the risk remains skewed to the downside, suggesting XRP could continue to move lower in the near term.
“Love it or not—you need to deal with it,” Brandt said.
The chart shared by Brandt shows XRP breaking below the support of a flag pattern several months ago. This decline has extended toward a key support zone between approximately $1.80 and $2.00, which has previously acted as important support against a resistance level around $3.50. This support area has held twice already this year, but XRP now appears to be testing it for a third time and may be on the verge of breaking down.
The weekly moving averages on the chart also show signs of flattening, indicating that upward momentum has weakened compared to earlier phases of the market cycle.
What Could Change the Bearish Outlook
A double top pattern typically signals a bearish reversal, suggesting an uptrend may be ending and a downtrend beginning. However, despite his firm stance, Brandt was careful to note that the pattern is not yet confirmed. “This is a potential double top. Sure, it may fail, and I will deal with this if it does,” he stated.
A sustained move back above the $2 support level would delay any breakdown toward the $1 range. A further sustained recovery above key resistance levels around $2.2, $2.5, $2.7, and $3 would invalidate the double top pattern and require a reassessment of the broader trend. Until that happens, however, Brandt’s technical analysis continues to favor a cautious approach—one that many XRP supporters may disagree with.
Frequently Asked Questions
Of course Here is a list of FAQs about Peter Brandts bearish analysis of XRP designed to be clear and helpful for all levels of understanding
Understanding the Statement
1 Who is Peter Brandt and why should I care about his opinion
Peter Brandt is a highly respected veteran commodities trader with decades of experience in technical chart analysis His opinions carry weight because of his longterm track record and focus purely on price patterns
2 What exactly did Peter Brandt say about XRP
He posted a chart of XRPs longterm price action highlighting a pattern called a descending triangle which is typically considered bearish His blunt comment You need to deal with it was directed at XRP supporters implying they should accept the charts negative signal rather than argue against it
3 What is a descending triangle and why is it bearish
Imagine a chart pattern where the price hits a consistent support level multiple times but each rally peaks at a lower high This creates a triangle shape sloping down Its bearish because it shows buying pressure is weakening with each bounce increasing the odds the price will eventually break down through the support floor
Impact and Implications
4 Does this mean XRPs price will definitely go down
No Technical analysis identifies probabilities not certainties While a descending triangle suggests a higher probability of a downward break it is not a guarantee Fundamental news can always override a chart pattern
5 What price level is Brandts chart pointing to as critical
The key level is the longterm support line that forms the flat bottom of the triangle For XRP based on his chart this was around 048 050 A sustained break and close below this level would confirm the bearish pattern for many analysts
6 If the pattern breaks down how far could XRP fall
Technical analysts often measure a target by the height of the pattern at its widest point Brandts analysis suggested a breakdown could project a move toward much lower levels potentially in the 020 030 range or lower This is a theoretical target not a prediction
7 As an XRP holder should I sell immediately because of this
Not necessarily