Descending Triangle Nearing Completion
Brandt’s chart, sourced from TradeNavigator, shows daily bars of XRP against USDT. The upper boundary of the triangle connects several lower highs from August through early October, while the base level has been tested multiple times near $2.68743.
The chart shows an 8-day and an 18-day moving average with both trending slightly downward and reflecting weakening momentum.
A completed descending triangle would require a clear breakdown below the support line. If the market closes below that threshold decisively, it would validate Brandt’s condition for a potential short setup.
The chart’s Average Directional Index (ADX) reading near 12.61 suggests low trend strength, indicating that the market is consolidating rather than trending. The Average True Range (ATR) also remains subdued, signaling reduced volatility during the consolidation phase.
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Support and Breakdown Levels
The current price of $2.8 sits only marginally above the key support zone. The base at $2.68743 represents the critical level traders are likely to watch for confirmation. Should this level give way, the next historical support appears around $2.22, a point noted on the chart as a prior consolidation area.
Further below, a long-term reference at $1.879 may represent a deeper target if bearish pressure intensifies. Until a decisive move occurs, XRP remains confined within its converging pattern.
The declining highs reinforce seller control, but buyers have managed to hold the lower boundary repeatedly, maintaining short-term equilibrium. Brandt’s comment suggests that he is not preemptively shorting but waiting for the market to confirm the setup with a definitive breakdown.