XRP Price Crash: 73% Decline Looming or Breakout to $15?
Key Takeaways:
- XRP may face a 73% drop, following historical trends.
- A rise above $4 by March 10 is crucial to avoid a crash.
- Breaking past historical patterns could push XRP to $13-$15.
EGRAG CRYPTO, a well known member of the XRP community, has issued a stark warning about a potential 73% drop in XRPs price. Drawing from the historical price patterns, EGRAG argues that every time XRP reached a key price level, known as Fork C, it has always suffered a significant slump. This has resulted in massive drops in the past, with declines ranging from 64% to an extreme 89.59%.
EGRAG points out that it is very important for both the OGs and the new community members of the XRP community to understand such historical trends. He says this not to cause panic but to prepare investors for the potential risks involved.
He also points out that these recurring patterns are too big to be ignored, despite him being a permabull, or in other words, someone who usually has a very optimistic view on the cryptocurrency.
How to Avoid the Downturn
EGRAG further believes XRP needs to close above $4 on a strong weekly chart before March 10, to avoid the feared 73% crash. This is important in timing because on the 14th of March, there is expected to be a lunar eclipse; and history has it that such celestial events contribute to market dips and corrections.
This is an urgent price action deadline. If the cryptocurrency fails to do so, the cryptocurrency will plunge further. On the other hand, if it manages to remain above $4, it could avoid the history of falling again and continue going higher. If it breaks past the resistance, theres huge potential for this cryptocurrency to climb up to a range of $13-$15, which everyone has been anticipating for the long run.
EGRAG goes further to impress that one should be vigilant about the Purple Circle pattern on the price chart. This is where XRP historically has its big drops upon reaching Fork C. These are recurring dropsbetween 64% to almost 90%consistently coming in after that pattern, hence quite important for the community to keep an eye on.
The Purple Circle and XRP Historical Trends
The Purple Circle pattern in general offers a clue into how that might go spectacularly wrong, or spectacularly right for XRP. Per EGRAG, the cryptocurrency has been in four other specific periods of strong price declines immediately following the attainment of Fork C, with average declines of 74% therein.
As the repetition of these cycles thereby enforces the notion of history repeating itself, except perhaps where XRP will break the mold, it becomes tough to see past these previous reversals. Although this might be ruled out by some, this warning by EGRAG has sounded the alarm for long-time XRP holders and new investors alike.
Once these historical trends are understood, a strategy to avoid the crash is set in place that will make all the difference. If XRP manages to dodge this downtrend, it will see a mammoth rally in the coming months. For now, though, time is of the essence, and March 10 remains the key deadline.
Related Reading | 5 Under-the-Radar Cryptos That Could Deliver 100x Returns in the Next Bull Market
Read more: https://www.tronweekly.com/xrp-price-crash-73-decline-looming-or-breakout/
Text source: TronWeekly
