Peter Brandt Turns Bullish on XRP as Chart Pattern Signals Recovery

Peter Brandt, a respected technical analyst known for his classical charting principles, has dramatically shifted his position on XRP from bearish to bullish following the token’s recent market behavior. Brandt had initially listed XRP among potential short targets but later confirmed he closed his short position for a profit and has since turned positive on the cryptocurrency’s prospects. This reversal came as XRP fell to $1.55 during the October 10 sell-off before bouncing back into the mid-$2 range, testing the lower boundary of its current trading channel.

The analyst’s updated outlook is grounded in historical chart patterns that have proven reliable in XRP’s past. Brandt shared a long-term weekly chart covering 2013 to 2025, highlighting years of sideways action that formed large triangle patterns before significant price movements. Between 2014 and 2017, XRP was contained within a symmetrical triangle before breaking out in March 2017, which preceded a massive rally to $3.30 by January 2018. Brandt’s rhetorical question, “As a student of classical charting principles and history, has there ever been a purer long-term chart?” underscores his confidence in the pattern’s significance.

The current technical setup shows striking similarities to XRP’s historical behavior. Data indicates that a break above the triangle pattern occurred during the November 2024 rally, after which XRP entered a parallel channel where prices moved back and forth. The recent crash around October 10 pushed XRP down to test the lower line of that channel, and the subsequent rebound has been built off that same support level. At one point during this volatility, Brandt noted XRP trading near $2.64, below its one-week simple moving average of $2.83, with further correction bringing it to approximately $2.55 at press time.

Market strength indicators remain cautious but show potential for trend development. The Average Directional Index currently sits at 21.5, indicating that a trend is forming but has not yet gained significant momentum. This technical reading suggests that while the foundation for a sustained move may be building, confirmation requires additional price action and volume support. The parallel channel pattern that emerged after the November 2024 breakout continues to define XRP’s trading range, with the recent test of the lower boundary representing a critical moment for the cryptocurrency’s medium-term direction.

Beyond technical analysis, on-chain data provides additional context for XRP’s recent price action. According to reports from Xaif Crypto, the Spent Output Profit Ratio (SOPR) for XRP dropped to 0.95, its lowest level in six months. This metric indicates that many holders sold at a loss during the crash, potentially signaling a capitulation event that often precedes market recoveries. The last time SOPR reached similarly depressed levels at 0.92 on April 7, XRP bounced 35% from $1.90 to $2.58, suggesting historical precedent for recovery following such selling pressure.

During the recent sell-off, XRP slid nearly 44% from $2.80 to approximately $1.58 according to trading data, but has since climbed back toward the $2.50 region as sellers have been absorbed by market buyers. Xaif Crypto’s analysis suggests that with current lows near $2.38, the next potential target could reach $3.10 to $3.35 if historical patterns repeat. Market watchers interpret the fall in SOPR as potentially marking the exhaustion of selling pressure, creating conditions where buyers could step in to drive a sustainable recovery.

For traders and investors monitoring XRP’s recovery attempt, several key technical levels will provide confirmation of whether the bullish scenario is unfolding. A weekly close above $3.00 would be seen as proof of renewed strength and could trigger additional buying interest. Resistance around $3.60 aligns with a July 2025 peak and could temporarily stall gains if reached. This level represents a significant psychological and technical barrier that XRP would need to overcome to confirm a broader trend reversal.

On the downside, support is clearly marked by the breakout zone and a rising trendline that runs from approximately $0.80 to $1.50. These levels have proven historically significant and represent critical areas where buyers have previously emerged. If these support levels break, XRP could move lower toward the $1.00 area before potentially stabilizing. The interplay between these technical levels, combined with the historical chart patterns identified by Peter Brandt and the on-chain capitulation signals, creates a compelling framework for understanding XRP’s potential trajectory in the coming weeks and months.