Analyst EGRAG Crypto has raised alarms about a potential significant drop in XRP's price. The current market downturn and negative funding rates may add to the pressure.
XRP To Face 74% Crash
According to EGRAG Crypto, XRP might experience a 74% drop due to historically significant declines every time it hit 'Fork C'. Historical data shows significant corrections in December 2015, May 2017, September 2018, and April 2021.
Avoiding the Crash: The $4 Barrier
To avoid the bearish scenario, it's crucial for XRP to close above $4 on a weekly chart by March 10, 2025. Failure to do so may trigger a significant downturn. The upcoming lunar eclipse on March 14 adds urgency, historically coinciding with market volatility and price drops.
Funding Rates Add Pressure
Negative funding rates for XRP indicate increased traders betting against its price, creating additional pressure on its current market position, reflecting bearish sentiment.
Despite short-term concerns, EGRAG remains bullish on XRP's long-term outlook. Breaking the $4 resistance could lead to a rally towards $13-$15.
