Oldschool chartist Peter Brandt is flagging what he calls a “capability double high” on XRP’s weekly chart, a classic reversal setup that, if confirmed, would argue for materially lower prices — even as other merchants teach a washed-out weekly RSI reading that has historically aligned with prior backside zones.
Peter Brandt Flags XRP Double Prime Pattern
Brandt posted the chart to X on Dec. 17 and didn’t pains softening the message for XRP’s online devoted. “I do know in come that all you Riplosts $XRP will eternally rob me lend a hand to the truth of this post — demand me if I care,” he wrote, sooner than adding: “Here’s a capability double high. Determined, it is going to also simply fail, and I could take care of this if it does. But for now this has bearish implications. Recognize it or no longer — you would perchance perchance perchance like to take care of it.”
The chart displays XRP-USDT on Binance in weekly bars, with two highs clustered spherical $3.40 and $3.66 and a clearly marked red meat up shelf end to $2.00. In classical chart phrases, that $2 residence beneficial properties because the neckline: lose it with note-through, and the market is now not any longer in “pullback interior a vary” territory — it’s in “failed structure” territory.
That distinction matters because double tops are inclined to be less regarding the 2d high itself and extra about what happens on the midpoint low between the 2 peaks. Brandt’s framing reflects that: the sample is “capability” till either red meat up holds and worth reclaims prior levels, or the neckline breaks and the market accepts lower.
On this case, Brandt’s chart is already exhibiting XRP trading below the $2.00 line, with the latest marker spherical $1.8859. That puts the point of interest squarely on whether or no longer the breakdown becomes a sustained weekly end-and-hold below red meat up, or whether or no longer the transfer will get reversed hasty ample to treat it as a undergo entice.
Or Is The XRP Backside In?
Not all americans reading the identical tape is leaning into the bearish conclusion. Trader Cryptollica posted a separate XRP/USD weekly chart (Bitstamp) on Dec. 15 highlighting the weekly RSI at roughly 33, accompanied by the statement: “$XRP WEEKLY RSI : 33 💥”. The chart highlights that, in the past five instances, similarly low readings in XRP’s weekly RSI possess tended to happen spherical market bottoming zones.
Brandt used to be receptive to the conditional common sense — specifically, the premise that a failed double high can flip from bearish to bullish if the breakdown doesn’t stick. Responding, he wrote: “Yea, if this dbl high fails then this would even change into thrilling. I agree. I’m no longer championing a undergo case — correct exhibiting charts for what they are.”
That alternate captures the staunch tension here. Momentum measures love RSI can title stretched prerequisites and routine historic zones, nonetheless they cease no longer, on their very possess, invalidate a value-structure breakdown.
Particularly, Brandt did no longer provide a value purpose in his statement. But the chart he shared comprises ample structure to infer the present “textbook” projection many technicians would utilize. With peaks end to $3.60 and a neckline end to $2.00, the sample height is ready $1.60. The faded measured transfer subtracts that height from the neckline after a rupture, implying a purpose in the neighborhood of $0.40 if the setup fully performs out.
That is now not any longer a forecast, and it’s no longer a promise the market will cooperate — it’s simply the arithmetic implied by the sample Brandt is pointing at. The extra instant quiz is whether or no longer or no longer XRP can reclaim the $2.00 house decisively ample to turn the breakdown into a failed transfer. If it is going to’t, the chart conversation shifts from “capability double high” to “confirmed rupture,” and the downside math stops being hypothetical in merchants’ positioning gadgets.
At press time, XRP traded at $1.83.
Featured image created with DALL.E, chart from TradingView.com
