[DigitalToday reporter Yoonseo Lee] XRP is forming a bullish cup-and-handle pattern on its daily chart, with confirmation hinging on a break above $1.6572, an analysis showed.

The Crypto Basic, a blockchain outlet, reported on Oct. 5 (local time) that veteran trader Peter Brandt (피터 브랜트) recently pointed to XRP’s Sept. 23 high of $1.6572 as the key breakout level.

The pattern begins with an August upswing. XRP climbed into the mid-$1.60s at the time before turning lower, sliding to the $1.25 to $1.30 range in mid-September. Buying later returned and the price rebounded toward the prior high. The move up to $1.6572 on Sept. 23 was seen as a retest of the top of the cup pattern.

The subsequent pullback was relatively shallow. XRP did not fall back toward the cup’s low and instead traded in the $1.45 to $1.55 range, which was interpreted as the handle. Brandt highlighted the pattern by placing a coffee mug image beneath the recent price structure.

For the pattern to be confirmed, XRP must clearly move above $1.6572 and close above it. From a current price of $1.5230, that would require an additional rise of about 8.8 percent. A simple calculation using the cup’s low near $1.26 and the top at $1.6572 puts a target zone at about $2.05. That figure is not a target price Brandt directly presented, but a value calculated from the chart structure.

If the recent handle area around $1.45 breaks, the short-term setup could weaken. A deeper pullback toward the September low would also undermine the cup-and-handle interpretation. The chart’s average directional index, or ADX, is 43.80, indicating strong direction, but the indicator alone cannot determine whether it is up or down.

Brandt has recently published a series of chart analyses on XRP. In an earlier analysis, he offered an interpretation that XRP could eventually reach $5.40 on a long-term chart. In another post, he said investors do not need to be die-hard supporters of XRP and that a chart alone provides enough reason to consider a bet.

Brandt still keeps his distance from XRP’s fundamentals. While acknowledging that XRP processes transactions cheaply, he said that transaction utility alone does not necessarily raise an asset’s value.

The near-term focal point has therefore become simpler. Whether XRP can hold the handle area around $1.45 while breaking above $1.6572 remains the key variable determining the pattern’s outcome.

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