XRP slipped below $1.05 for the second time in days as the broader crypto market fell alongside fresh tension in the Middle East. Analysts say the level has become a battlefield zone that could send the token toward $1.30 on a successful defense, or down toward $1.00 if it breaks.
XRP dropped below $1.05 for the second time in the past several days, in a decline that may be tied to renewed tension in the Middle East. Bitcoin slid to $62,000 after failing to reclaim $63,000 support during the day, dragging the broader market lower with it.
The token had already been rejected at $1.20 during a mid-July rally that followed favorable US inflation data for June. It then lost the $1.10 support level it had been holding, and now defends $1.05 as the last line before bulls would need to protect the $1.00 zone.
Analyst EGRAG CRYPTO outlined the significance of the $1.05 level, calling it the battlefield region. He said XRP had managed to maintain that level earlier today, even as he acknowledged a bearish structure of lower highs on the four-hour chart.
A short-term recovery would need XRP to defend $1.05, then bounce above $1.083 and reclaim $1.10, which now acts as resistance. EGRAG laid out a further recovery scenario for the token, with the major price target set at $1.30.
However, a decisive breakdown below $1.05 would send XRP toward a notable liquidity zone near $1.00, EGRAG warned. Fellow analyst Mikybull Crypto also said XRP has the strength to stage a comeback, claiming the token's bullish reversal run is currently loading despite the negative outlook.
Source: CryptoPotato
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