Brandt Says Love It or Not, You Need to Deal with XRP Bearish Structure

XRP has again taken center stage as veteran trader Peter Brandt has called attention to a potential bearish double top structure on the weekly chart.

As the global crypto market loses over $1.3 trillion over a three-month period, XRP has not been spared in the bloodbath. Currently trading for $1.83 at press time, XRP is now down 50% from its July peak of $3.65, pushing its annual loss to 11.73%, on track to close a year in the red for the first time since the 2022 bear market.

However, despite the massive losses, veteran trader Peter Brandt recently called attention to a potential structure that could lead to steeper declines for XRP. Specifically, Brandt revealed that XRP may be on the verge of forming a bearish double top pattern on the weekly timeframe.

Brandt: XRP Seeing Potential Double Top

For the uninitiated, a double top typically forms when an asset rises to a similar high twice within a specific period but fails to break the resistance at this high each time. The double top is confirmed when the asset corrects and closes below the neckline support, which represents the low between the two peaks.

Data from Brandt’s chart confirms that XRP formed the first top when it soared to a high of $3.4 in January 2025 on the back of the Trump-led market rally. After hitting this level, XRP failed to break the resistance, collapsing to a low of around $1.8 in March. 

Interestingly, XRP recovered from this bottom, staging a rally that eventually pushed its price to $3.65, aligning with the initial $3.4 peak, and forming the second top. However, the roadblock at the $3.65 high also formed formidable resistance, leading to an XRP drop, with the token down 50% since then.

Now that XRP has collapsed to the $1.8 level around the neckline support, Brandt awaits a close below this region to confirm the formation of the double top. The market veteran admitted that the structure remains unconfirmed and may fail. 

He stressed that he will deal with it if it doesn’t play out, but warned that for now, there may be bearish implications. “Love it or not, you need to deal with it,” Brandt remarked. While he failed to highlight a potential bearish target if the pattern plays out, Brandt maintains that prices could tank.

XRP Weekly RSI Hits 33: Possible Recovery?

Meanwhile, Cryptollica, another market analyst, revealed that XRP may actually have entered a bullish positioning with respect to the weekly RSI (Relative Strength Index). Specifically, the RSI has dropped to 33, and each time it has slipped into the 30 region, prices have recovered sharply. This trend occurred in March 2020, June 2022, and July 2024, leading to recoveries.

Cryptollica pointed out to Brandt that a similar trend could play out now that the RSI has again corrected to the 30 mark. In response, the market veteran agreed, noting that if the double top structure fails, the recovery could be “exciting.” He stressed that he was not particularly championing a bearish case for XRP, just highlighting what the chart says.

Notably, Brandt has often expressed dissatisfaction with the response from XRP proponents when he highlights bearish technical setups for the asset. Earlier this month, he called XRP investors “the most madly obsessed permabulls” on earth.