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FIGR_HELOC $1.06Brandt says owning XRP does not require cult membership
Peter Brandt repeated that XRP owners need not be cult members, while his weekly chart shows a neckline near $1.50-$1.60.
The short answer
Peter Brandt, a veteran chartist, said owning XRP does not require being a certified cult member and that charts alone have justified his bets. He posted a weekly XRP chart showing a possible inverse head-and-shoulders pattern with a neckline near $1.50 to $1.60. XRP traded near $1.53 on September 27. Community members pushed back after his earlier "fool coin" comment.
What happened
Peter Brandt, a veteran chartist at The Factor Report, said owning XRP does not require being a certified cult member, in a post on X on September 27. He wrote that being an interested owner of the token does not demand cult membership, even as he described the XRP investment community as seemingly cultish.
Brandt said charts have long been enough reason for his bets, and that there is a difference between staying open-minded and having a hole in the head. He attached a long-term weekly XRP chart showing a possible inverse head-and-shoulders formation and a horizontal neckline around $1.50-$1.60.
Why it matters
Brandt's posts keep drawing reaction from XRP holders. He recently faced intense criticism from the community after describing XRP as a "fool coin", while acknowledging the token can be used cheaply for transactions.
Community members responded that XRP's use cases have expanded substantially beyond its original positioning. XRPL validator Vet argued that changing the token's supply would require convincing a node operator to adopt a different rule set to gain social consensus.
For traders, the levels carry more weight than the argument. XRP support sits near $1.50 and resistance near $1.66, and analysts place the inverse head-and-shoulders neckline between $1.60 and $1.70.
What the data shows
XRP traded near $1.53 on September 27, moving between $1.51 and $1.55 over the day, CoinMarketCap data showed. Market capitalization was around $96.2 billion and 24-hour volume about $2.66 billion.
CME futures data showed 8,684 contracts in open interest as of September 23, with estimated volume of 4,944 contracts that session. The September contract settled at $1.4955 and the October contract at $1.5060.
CryptoQuant analyst Amr Taha tracked large-holder withdrawals from exchanges. Withdrawals hit 231 million XRP on August 21, after 54 million on August 19 and 114 million the next day. Taha said withdrawals alone do not confirm accumulation or predict price direction.
Background
Brandt's chart shows XRP in a long consolidation that followed its 2017 rally, with a breakout in late 2024 and a more recent inverse head-and-shoulders setup, a formation technical analysts treat as a potential bullish reversal pattern.
XRP rose nearly 370% between November and December 2024, and the current rally took it from about $1.00 on August 18 to $1.66 by September 23, a 66% gain over five weeks, before it pulled back to $1.53.
Brandt previously predicted XRP could reach $5.4. Looking further out, CoinCentral noted the token would need a 96% gain from $1.53 to reach $3 by the end of 2026.
What is still unclear
- It is not settled whether the inverse head-and-shoulders pattern completes. Analysts treat it as a potential bullish reversal formation, but a move above the neckline is required.
- Analyst Maison Cypher noted XRP might retest its 200-period moving average first, which would keep the token inside its current range for longer.
- It is unclear whether the large-holder withdrawals point to accumulation. Taha said the transfers only show tokens leaving exchange wallets.
- Brandt has both described XRP as a "fool coin" and predicted a move to $5.4, leaving his overall stance open to interpretation.
Questions readers ask
What did Peter Brandt say about XRP owners?
He said it is not necessary to be a certified cult member to be an interested owner of XRP, and that the charts alone have long been enough reason for his bets. He also said there is a difference between staying open-minded and having a hole in the head.
Where is XRP's inverse head-and-shoulders neckline?
Brandt's chart puts the horizontal neckline around $1.50 to $1.60. Analyst FOUR | Crypto Spaces placed the neckline between $1.60 and $1.70, close to a resistance zone cited by analyst Maison Cypher.
What price did XRP trade at on September 27?
XRP traded near $1.53 and moved between $1.51 and $1.55 over the day, with a market capitalization around $96.2 billion and 24-hour volume of about $2.66 billion.
Why did Brandt face criticism from the XRP community?
He faced intense criticism after describing XRP as a "fool coin". Some community members pointed to the fact that XRP's use cases have expanded substantially beyond its original positioning.
