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\n\t\t\t\t\t\t\t\t\tXRP has dropped below $1.05 for the second time in the past several days. \t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
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.<\/p>\n
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.<\/p>\n
Popular analyst EGRAG CRYPTO outlined the significance of the $1.05 level, calling it the \u2018battlefield\u2019 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.<\/p>\n
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.<\/p>\n
EGRAG laid out an even more promising road ahead for the asset if it manages to continue its recovery, with the \u201cmajor price target\u201d set at $1.30.<\/p>\n
However, a decisive breakdown below $1.05 would essentially mean that XRP will head toward the notable liquidity zone at around $1.00, he warned<\/a>.<\/p>\n Mikybull Crypto also believes XRP has the strength to stage a surprising comeback. The analyst claimed that the asset\u2019s bullish reversal run is currently loading despite the negative outlook.<\/p>\n His long-term chart compares the current market structure with the one from two years ago when XRP was highly compressed at around $0.60. Once it broke out the upper boundary, though, it rocketed to a fresh all-time high within less than a year.<\/p>\n \u201cBefore the last run, I screamed for you to buy at a crazy discount. The opportunity is presenting again,\u201d he said<\/a> now.<\/p>\n<\/blockquote>\n History is not on XRP\u2019s side at the moment, though, as August has been quite a painful month for the asset. As reported<\/a> earlier today, the cross-border token was deep in the red in all four previous editions.<\/p>\nYou may also like:<\/h3>\n
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