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

XRP has dropped below $1.05 for the second time in the past several days. 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. The short-term path of recovery would be a successful defense of $1.05 before XRP can bounce above $1.083 and eventually reclaim the $1.10 level, which now acts as resistance. EGRAG laid out an even more promising road ahead for the asset if it manages to continue its recovery, with the “majo...