Market analyst Peter Brandt’s latest XRP chart coverage points to a developing “cup-and-handle” pattern, with the September 23 high of $1.65 emerging as the key level XRP needs to break for the setup to gain confirmation.

The pattern is a bullish chart formation that resembles a cup with a handle, consisting of a rounded bottom followed by a slight downward pullback, which actually indicates a potential upward breakout.

Brandt’s data, published on October 5, shows XRP trading around $1.52, slightly above the displayed 200-day simple moving average (MA) at $1.49. For the pattern to receive stronger confirmation, the pattern suggests, XRP would need to break above the $1.65 cup rim, which would require a gain of approximately 9%.

Peter Brandt is still bullish on XRP

The larger part of the pattern began with XRP’s August rally toward the mid-$1.6 range, and the cryptocurrency subsequently reversed lower, falling into the $1.25-1.3 area by mid-September.

It then recovered sharply, eventually reaching $1.65 on September 23 and returning to the area where the earlier decline began. Since reaching the September 23 high, XRP has pulled back without revisiting the cup’s low, consolidating between roughly $1.45 and $1.55 and forming the smaller structure that could become the “handle.”

A break below the handle’s recent support around $1.45 would weaken the bullish setup, though the chart’s average directional index (ADX) reading of 43.8 also points to a strong existing trend. 

The latest chart adds to a series of XRP-focused updates from Brandt in recent weeks. In late September, his long-term XRP charts implied a potential price of $5.4, although he did not provide a timeframe for that level.

“This is my long-term chart of XRP. It implies an eventual advance to $5.40,” he wrote.

For now, though, the technical picture comes down to one level: XRP needs to clear $1.65 for the developing cup-and-handle pattern to gain stronger confirmation.

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