Veteran chart analyst Peter Brandt is highlighting what he calls a “potential double top” on XRP’s weekly chart—a classic reversal pattern that, if confirmed, would suggest significantly lower prices. This comes even as other traders note an oversold weekly RSI reading that has historically coincided with previous market bottoms.
Peter Brandt Flags XRP Double Top Pattern
Brandt shared the chart on X on December 17, offering no reassurance to XRP’s dedicated supporters. “I know in advance that all you Riplings $XRP will forever remind me of this post—ask me if I care,” he wrote, adding: “This is a potential double top. Sure, it may fail, and I will deal with this if it does. But for now this has bearish implications. Love it or not—you need to deal with it.”
The chart displays weekly XRP-USDT price bars from Binance, showing two highs around $3.40 and $3.66, with a clear support level near $2.00. In technical analysis, that $2 area acts as the neckline. A sustained break below it would signal the market is no longer in a “pullback within a range” but has entered a “failed structure” phase.
Related Reading: XRP Price Falls To Critical Support Level, Is It Time To Panic?
This distinction is important because double tops are less about the second peak and more about what happens at the low point between them. Brandt’s wording reflects this: the pattern remains “potential” until support holds and price recovers, or the neckline breaks and the market moves lower. His chart already shows XRP trading below the $2.00 line, around $1.8859, shifting focus to whether this breakdown will result in a sustained weekly close below support or quickly reverse as a bear trap.
Or Is The XRP Bottom In?
Not all traders interpreting the same data are leaning bearish. Another trader, Cryptollica, posted a separate XRP/USD weekly chart (from Bitstamp) on December 15, highlighting the weekly RSI at approximately 33 with the comment: “$XRP WEEKLY RSI : 33 💥”. The chart notes that similarly low RSI readings in XRP’s past have often aligned with market bottoming zones.
Brandt acknowledged the conditional logic—specifically, that a failed double top could turn bullish if the breakdown reverses. In response, he wrote: “Yea, if this dbl top fails then this could become exciting. I agree. I am not championing a bear case—just showing charts for what they are.”
Related Reading: Best XRP Buy Zone? Analyst Breaks Down The Key Levels
This exchange captures the current tension. Momentum indicators like RSI can identify oversold conditions and historical zones, but they don’t automatically negate a breakdown in price structure. Notably, Brandt didn’t specify a price target. However, his chart provides enough information to calculate a standard “textbook” projection many analysts would use.
With peaks near $3.60 and a neckline near $2.00, the pattern height is about $1.60. The typical measured move subtracts this height from the neckline after a break, suggesting a potential target around $0.40 if the pattern fully materializes. This isn’t a forecast or a guarantee the market will follow through—it’s simply the arithmetic implied by the pattern Brandt identified.
The more immediate question is whether XRP can decisively reclaim the $2.00 area, turning the breakdown into a failed move. If it cannot, the discussion shifts from a “potential double top” to a “confirmed break,” and the downside calculations become more than hypothetical in traders’ strategies.
At the time of writing, XRP is trading at $1.83.
Featured image created with DALL.E, chart from TradingView.com
Frequently Asked Questions
Of course Here is a list of FAQs about the news XRP Could Drop to 040 Warns Analyst Peter Brandt Citing DoubleTop Pattern designed to be helpful for both beginners and more experienced individuals
Beginner Definition Questions
1 What is a doubletop pattern and why is it a warning
A doubletop pattern is a chart formation that looks like the letter M It happens when an assets price hits a high point drops rallies back to that same high point and then drops again Analysts see it as a strong signal that the uptrend is exhausted and a significant price decline may follow
2 Who is Peter Brandt and should I care about his analysis
Peter Brandt is a wellknown and experienced commodity and cryptocurrency chart analyst He has decades of experience in traditional markets While his analysis is respected its important to remember that no analyst is always right His warnings are based on historical chart patterns not guarantees
3 What does this mean for my XRP investment
It means a respected analyst sees a high probability of a price drop based on the charts shape Its a risk warning not a prediction of certainty You should consider your own investment strategy risk tolerance and not make decisions based solely on one opinion
Intermediate Context Questions
4 What price level did Brandt identify as the doubletop
Brandt identified the two peaks around 075 as forming the doubletop pattern
5 Why is the 040 target significant
The 040 target is derived from the patterns measuring implication Analysts take the height of the pattern and project that distance downward from the breakout point It represents a potential downside target if the pattern completes
6 Has this pattern failed before with XRP
Yes Brandt himself noted this In a previous instance an apparent doubletop pattern in XRP failed to materialize into a major drop This highlights that technical patterns are indicators of probability not certainty and can be invalidated by new market developments
7 What could invalidate this doubletop warning
The warning would be invalidated if XRP