According to crypto analyst EGRAG CRYPTO, XRP’s latest 78% plunge marks one of the most dramatic liquidations in digital asset history, dwarfing both the COVID crash and FTX collapse by a wide margin. Data from Binance shows the event triggered $19.6 billion in forced liquidations, compared to $1.2 billion during the 2020 pandemic crash and $1.6 billion during FTX’s 2022 implosion.
EGRAG highlights how XRP has endured three major historical crashes: a 99% drop in 2017, a 77% decline during the SEC lawsuit in 2021, and this week’s 78% collapse, each followed by a significant rebound. He suggests that while the scale of this week’s wipeout is unprecedented, it may represent the kind of “final flush” that often precedes a long-term rally.
The chart shared by EGRAG underscores this cyclical behavior, showing prior recoveries that led to exponential gains post-crash. He frames the current moment as a psychological test for holders, urging them to decide whether to “sell and end your stress” or hold through volatility in pursuit of the next “Valhalla phase.”
As market sentiment stabilizes and funding rates reset, EGRAG’s message aligns with broader on-chain data, suggesting capitulation may once again pave the way for XRP’s next major leg upward.