Veteran chartist Peter Brandt is pointing out what he calls a “potential double top” on XRP’s weekly chart, a classic reversal setup that, if confirmed, would argue for materially lower prices, even as other traders point to a faded weekly RSI reading that has historically aligned with previous bottom zones.
Peter Brandt Marks XRP Double Cap Pattern
Brandt posted the chart on X on December 17 and didn’t bother to soften the message for XRP’s online faithful. “I know in advance that all of you Riplosts $XRP will always remind me of this post – ask me if I care,” he wrote, before adding: “This is a potential double top. Sure, it can fail, and I’ll deal with it if it happens. But for now this has bearish implications. Whether you like it or not, you have to deal with it.”
The chart shows XRP-USDT on Binance in weekly bars, with two highs clustered around $3.40 and $3.66 and a clearly marked support shelf near $2.00. In classic charting terms, that $2 region functions as a neckline: if it loses tracking, the market is no longer in “range retracement” territory, but rather “failed structure” territory.
Related reading
That distinction is important because double tops tend to have less to do with the second peak itself and more to do with what happens at the mid-low between the two peaks. Brandt’s framework reflects that: the pattern is “potential” until support holds and price recovers to previous levels, or the neckline is broken and the market accepts a lower level.
In this case, the Brandt chart already shows that XRP is trading below the $2.00 line, with the most recent marker around $1.8859. That puts the focus squarely on whether the breakout becomes a sustained weekly close and stays below support, or whether the move reverses quickly enough to treat it as a bearish trap.
Or is XRP at the bottom?
Not everyone who reads the same video leans toward the bearish conclusion. Trader Cryptollica posted a separate XRP/USD weekly chart (Bitstamp) on December 15 highlighting the weekly RSI at around 33, accompanied by the comment: “$XRP WEEKLY RSI: 33 💥.” The chart highlights that, in the last five cases, similarly low readings on XRP’s weekly RSI have tended to occur around the bottom zones of the market.
Brandt was receptive to conditional logic, specifically the idea that a failed double top can go from bearish to bullish if the breakout doesn’t hold. Responding, he wrote: “Yes, if this double top fails, then this could get exciting. I agree. I’m not making a bearish case, I’m just showing the charts as they are.”
Related reading
That exchange captures the real tension here. Momentum measures like the RSI can identify extreme conditions and recurring historical zones, but, on their own, they do not invalidate a collapse in the price structure.
Notably, Brandt did not provide a price target in his comment. But the graph you shared contains enough structure to infer the standard “textbook” projection that many technicians would use. With peaks near $3.60 and a neckline near $2.00, the height of the pattern is approximately $1.60. The conventional measured move subtracts that height from the neckline after a breakout, implying a target near $0.40 if the setup fully develops.
This is not a forecast, nor a promise that the market will cooperate; It is simply the arithmetic implicit in the pattern that Brandt points out. The most immediate question is whether XRP can reclaim the $2.00 area decisively enough to turn the breakout into a failed move. If it can’t, the conversation on the chart goes from “potential double top” to “confirmed breakout,” and the downward math is no longer hypothetical in traders’ positioning models.
At press time, XRP was trading at $1.83.
Featured image created with DALL.E, chart from TradingView.com
