Veteran Chart Analyst Peter Brandt Issues Dire XRP Warning: "You Need To Deal With It"
Veteran market analyst Peter Brandt has once again turned his attention to XRP, delivering a stark technical breakdown that highlights a potentially bearish outlook for the cryptocurrency. Brandt's analysis, rooted firmly in chart behavior rather than market sentiment, identifies a critical "double top" pattern on XRP's weekly chart, suggesting a challenging period ahead for the digital asset.
XRP's Troubling Chart Pattern Emerges
Brandt publicly shared his concerns on social media platform X, pointing to what he describes as a potential double top formation on XRP's weekly chart. While acknowledging that this pattern could still fail, he emphatically stated that the current market structure "leans bearish." This assessment comes as XRP recently slipped below the $2 price level, following days of consistent downward pressure throughout December. The accompanying chart illustrates XRP's drop below a crucial flag pattern support observed months prior, now testing a critical support range between $1.80 and $2.00. This range has acted as a vital cushion for XRP twice this year, but a third test could prove decisive. Adding to the cautionary signals, the weekly moving averages are notably flattening. This trend suggests a significant weakening of upside momentum compared to earlier phases in XRP's market cycle, reinforcing the bearish sentiment derived from the double top pattern. A double top is a classic reversal signal in technical analysis, typically indicating the end of an uptrend and the beginning of a downtrend.
Reversing the Bearish Tide: What Would It Take?
Despite his firm bearish stance, Brandt noted that the double top pattern remains conditional. For the current bearish outlook to be invalidated, XRP would need to demonstrate a sustained rebound. Specifically, a consistent push back above the $2 threshold would defer any immediate breakdown into the $1 range. More significantly, reclaiming higher price points around $2.20, $2.50, $2.70, and ultimately $3.00 would definitively negate the double top formation and necessitate a complete reassessment of the broader market trend. Until such an upward reversal materializes, Brandt's technical structure maintains a cautionary posture, advising market participants, "Love it or not — you need to deal with it."
