Peter Brandt Identifies Potential Double-Top Pattern in XRP Chart

Veteran chartist Peter Brandt has identified a "potential double top" pattern on XRP's weekly chart, indicating possible lower prices if confirmed. The chart shows two highs near $3.40 and $3.66, with a support level around $2.00 acting as the neckline. A break below this support could indicate a shift from a pullback to a failed structure.

XRP is currently trading below the $2.00 mark, at approximately $1.83.
The focus is on whether XRP can sustain a weekly close below this support or reverse quickly enough to form a bear trap.

Some traders see potential for a bottom due to the low weekly RSI reading of 33, historically associated with market bottoms.

Brandt acknowledges that if the double top fails, it may signal bullish potential.
No specific price target was given, but a standard projection suggests a potential drop to around $0.40 if the pattern materializes.

The key question remains whether XRP can decisively reclaim the $2.00 area to negate the breakdown.