Peter Brandt Puts XRP Bulls on Alert With New Support Chart

Veteran trader Peter Brandt has highlighted critical support levels for XRP on a weekly chart, suggesting the asset's late-2024 breakout may be failing after a pullback below $1.55. His poll indicates deep uncertainty among traders about whether support holds or if XRP could retest much lower levels around $0.72 or below.

Peter Brandt's technical analysis of XRP reveals a market structure under significant stress. The trader's post frames XRP not as a successful breakout scenario, but as a potentially failed one—where an asset rallied aggressively above $3 only to form a wide consolidation with multiple failed attempts to extend higher before rolling over. This pattern, common in markets where initial enthusiasm wanes, creates a cascade of psychological support zones for traders to watch.

The $1.55 level serves as the critical juncture. As a former range boundary from XRP's 2023-2024 consolidation, it represents the first defense for bulls. If price holds there, the narrative remains constructive: a deep retest of breakout territory with buyers still engaged. If it breaks, however, technical analysts typically hunt lower for prior supply absorption zones—which Brandt maps at $0.93 (anchored to a descending trendline from the 2021 high) and potentially $0.72 (aligned with the original pre-breakout base structure).

The poll results demonstrate stark disagreement in the trader community. The even three-way split between 'bottom is in,' support at $0.72, and 'above zero' suggests no clear consensus on where downside risk terminates. This fragmentation itself signals market uncertainty during a vulnerable period. At $1.39 when the article was published, XRP had already broken the first support level, leaving bulls dependent on swift recovery or at least consolidation rather than continued decline. The technical setup Brandt presents is less about predicting direction and more about mapping the structural risks bulls face if momentum doesn't quickly stabilize.

• →$1.55 is the critical weekly support level that determines whether XRP's breakout holds or fails structurally
• →Trader consensus is fractured, with equal 27% votes split between bulls declaring the bottom in and bears targeting $0.72 support
• →XRP has already broken below $1.55, placing the asset at risk of testing deeper support zones anchored to its pre-breakout base
• →Brandt's analysis frames this as a potential failed range breakout after aggressive rallies above $3, a common precursor to extended pullbacks
• →The $0.93 and $0.72 support levels are not arbitrary but derived from long-term technical structures dating to 2021-2023