Peter Brandt, a seasoned analyst with a long history in the market and widely followed for his successful analyses, has shared his latest analysis of XRP.
Brandt, sharing his analysis from account X, warned of a sharp decline in the price of Ripple (XRP).
Warning investors about a potential decline, the veteran analyst argued that XRP may be forming a double top pattern on the weekly chart.
What is a Double Top Formation?
A double top formation typically occurs when an asset rises to a similar, closely spaced peak twice within a specific period, but fails to break through the resistance at that peak each time. The double top formation is confirmed when the asset corrects and breaks below the neckline support (representing the trough between the two peaks).
According to Brandt’s chart, XRP reached its first peak in January 2025 at $3.4 after Trump’s presidential victory. Subsequently, XRP retreated to a low of approximately $1.8 in March. However, XRP recovered from this low, rising to $3.65 and forming a second peak near the initial $3.4 peak. Ultimately, the $3.65 peak acted as strong resistance, and XRP has since lost 50% of its value.
At this point, the analyst stated that a double top formation was developing for XRP, indicating a risk of a decline, and argued that a close below the neckline ($1.8) would be necessary for the formation to be confirmed. According to Brandt, if the formation is confirmed, it would clearly indicate a reversal of the trend in XRP from an uptrend to a downtrend.
“The outlook for XRP is a potential double top formation. Of course, it could fail, and if it does, I’ll revisit it.”
However, for now, this formation has bearish implications.”
*This is not investment advice.
