XRP Price Dips to ‘Battlefield’ Zone, but Analysts See Major Reversal Opportunity

Perhaps due to the quickly re-escalating tension in the Middle East, the cryptocurrency market has posted fresh losses over the past few hours, with BTC dropping to $62,000 after failing to reclaim the $63,000 support during the day.

XRP was not spared, as it just slipped below $1.05. The asset was rejected at $1.20 during the mid-July rally after the favorable US inflation data for June, and eventually lost the coveted $1.10 support.

Now, it fights for the last line of defense before the bulls would have to defend the $1.00 zone. Popular analyst EGRAG CRYPTO outlined the significance of the $1.05 level, calling it the ‘battlefield’ region.

Although he noted earlier today that the cross-border token had managed to maintain that level, he acknowledged the predominantly bearish structure of lower highs on the 4-hour chart.