EGRAG CRYPTO, a well-known market analyst focused on the cryptocurrency sector, presented a fresh technical analysis of XRP for his subscribers on September 27. At the time, XRP traded at approximately $1.54. His chart identified a pattern that he named the “double horns,” forming in the price range between $1.55 and $1.60.
Technical pattern signals correction
According to EGRAG CRYPTO, the double horn formation consisted of two consecutive weekly candlestick wicks at the same resistance level. He interpreted this configuration as a warning sign, suggesting that XRP faced a heightened risk of a corrective move or even a significant price drop.
Following his initial analysis, XRP fell sharply to around $1.32. EGRAG CRYPTO noted this move closely aligned with his earlier forecast. The decline provided traders a downward price opportunity between $0.23 and $0.28, depending on when they entered their positions after his warning.
EGRAG CRYPTO pointed out that the appearance of two wicks—referred to as “double horns”—at $1.55 to $1.60 signaled potential short-term weakness and, in this case, led XRP to retreat toward $1.32, generating a considerable downside for those following his guidance.
Macro and micro perspectives
The original chart from September 27 also placed XRP inside a broad symmetrical triangle on the weekly timeframe, suggesting the potential for a larger bullish trend if the triangle’s support held strong. EGRAG CRYPTO set future Fibonacci extension targets as high as $31.63, with the $1.05 to $1.15 range indicated as a possible major buying zone in the event of further pullbacks.
He outlined that a weekly close above $1.65 to $1.70 would restore bullish sentiment, while a close below the triangle’s base could trigger a deeper correction. In his approach, EGRAG CRYPTO separated macro and micro timeframes, maintaining a generally positive long-term view while remaining cautious about short-term volatility.
Mini dictionary: Symmetrical triangle – A chart pattern used in technical analysis representing a period of consolidation before the price is forced to break out in either direction as converging trendlines meet.
Current outlook
EGRAG CRYPTO has emphasized over time that his trading strategy relies on anticipating multiple scenarios and timeframes, as well as maintaining exposure flexibility. He described his method as delivering “MACRO + MICRO perspectives,” with each scenario dictating different entry zones and risk. The recent move down to $1.32 served as a demonstration of his method in practice.
The triangle’s support remains the central focus for the medium- to long-term outlook. EGRAG CRYPTO identifies $1.05 to $1.15 as a key accumulation area if XRP continues retracing. If price instead recovers and closes above $1.65 to $1.70 on a weekly basis, he considers the short-term bearish outlook invalidated and reverts to a bullish stance.
He maintains that the double horn correction represented a healthy retracement within a larger bullish structure, not a true reversal of the long-term uptrend.
| Price Area | Signal | Potential Action |
|---|---|---|
| $1.05–$1.15 | Major buying zone | Accumulation if support holds |
| $1.55–$1.60 | Double horn resistance | Warning of correction |
| $1.65–$1.70 | Bullish breakout confirmation | Potential renewed rally |
The analyst continues to stress the importance of focusing on chart structure over market sentiment, regularly stating that “structure is more important than opinions, bias, or other market noise.”
No financial advice was provided, and readers are encouraged to perform independent research before making investment decisions.
