Experienced trader Peter Brandt shared a weekly chart and asked traders how deep they think XRP could drop to support. The post matters because Brandt’s chart shows XRP not as a pure momentum breakout, but as a market still trying to prove that its overdue 2024 range extension can hold as support.
Brandt, post from the @PeterLBrandt account on X, addressed directly with the XRP crowd. “Attention all Ripplettes,” he wrote. “How deep can price support fall, according to Ripplettes? XRP. See chart.”
What does this mean for XRP
The chart attached to the post showed XRP/USDT on Binance on a weekly basis. Brandt outlined a broad structure that starts with a long XRP base through 2023 and most of 2024, then a acute vertical breakout in overdue 2024, followed by broad consolidation and an eventual pullback. A key level near $1.55 seems crucial for the setup. Technically, this is a former range recovery.
This $1.55 region also explains why Brandt’s chart is uncomfortable for bulls. XRP has already dropped below. When the market loses its previous range, technicians often look for additional areas where buyers have previously absorbed supply. The lower horizontal Brandt lines appear to map out these zones: one near recent consolidation lows, the other around deeper post-breakout support, and then the broader rising base that defined XRP’s structure prior to the breakout.
The survey attached to the post clearly indicated this support map. Brandt offered four choices: “The bottom is at,” “Support at 0.93xx,” “Support at 0.72xx,” and “Slightly above zero.”
The $0.93 area appears to be originating from a descending trend line that is starting at the 2021 high. The $0.72 area is deeper. On the weekly chart, it lines up with the rising trend line of the ancient XRP base for 2023-2024 and the rising long-term support line that preceded the move in overdue 2024. In other words, it’s not just a random number. This means a full retest of the structure of the previous break is possible.
The broader pattern that Brandt seems to highlight is a failed or mighty range break after a gigantic rally. XRP broke out of a long accumulating range, rose aggressively above $3, and then formed a broad top-like consolidation with multiple failed attempts to extend higher.
For XRP bulls, the first response depends on the $1.55 area. If price manages to recover and maintain this level on a weekly time horizon, the chart will look more like a deep retest of the breakout zone than a full structural failure.
A rebound would suggest that buyers are still defending the former range boundary and that the market has not fully recovered from the breakout. However, without this rebound, the lower support levels in the Brandt survey will become more essential as the price remains below the shelf that previously supported consolidation.
The survey results showed the extent to which divided investors were susceptible to this risk. “The bottom is at” had 27% of the votes, “Support at 0.72xx” also had 27%, and “Slightly above zero” had another 27%. The more moderate option “Support at 0.93xx” gained 19% and was marked as selected in the screenshot. At press time, the poll had 364 votes cast with almost 12 hours left, while XRP was trading at $1.3941.
Featured image created with DALL.E, chart from TradingView.com
