Veteran chartist Peter Brandt has once again turned his focus to the XRP community after sharing a technical breakdown that points to a bearish market structure on the weekly timeframe for the cryptocurrency.
Brandt’s technical analysis focused squarely on chart behavior rather than sentiment, warning that the current setup carries downside implications that traders cannot ignore and must deal with.
Peter Brandt Calls Out A Potential Double Top
Taking to the social media platform X, Brandt highlighted what he described as a potential double top forming on XRP’s weekly chart. He acknowledged upfront that the pattern could still fail but stressed that, as things stand, the structure leans bearish.
Related Reading
The analysis is based on XRP’s recent price action, which has lost the $2 price level after days of consistent bearish price action in December. Brandt framed the setup as a matter of accepting what the chart is showing rather than arguing against it, bluntly stating that market participants need to deal with the implications instead of dismissing them.
His remarks were also directed at persistent XRP optimists, making it clear that his stance is not driven by bias against the asset but by adherence to classical chart principles. Until price action invalidates the pattern, the risk profile is tilted to the downside, and XRP might continue pushing downwards in the near term. “Love it or not — you need to deal with it,” Brandt said.
The chart accompanying Brandt’s post shows XRP falling below the support of a flag pattern a few months ago. This breakdown has continued to the lower boundary around $1.80 to $2.00, which has acted as an important support pair against a resistance around $3.5.
This support level has acted as a critical support region two times already this year. However, XRP looks like it might be losing this level now at the third time of asking. The weekly moving averages on the chart also appear to be flattening, a sign that upside strength has weakened compared to earlier phases of the cycle.
What Would Change The Bearish Outlook
A double top pattern is a bearish reversal signal, meaning an uptrend is likely ending and a downtrend is beginning. However, despite his firm tone, Brandt was careful to note that the pattern is conditional, not absolute. “This is a potential double top. Sure, it may fail, and I will deal with this if it does,” he said.
Related Reading
A sustained move back above the support at $2 would delay any breakdown into the $1 range. A further sustained reclaim of highs around $2.2, $2.5, $2.7, and $3 would invalidate the double top and force a reassessment of the broader trend. However, until such happens, Brandt’s technical structure continues to favor caution that many XRP proponents might not agree with.
Featured image from Adobe Stock, chart from Tradingview.com
