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 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>\n The post XRP Price Dips to \u2018Battlefield\u2019 Zone, but Analysts See Major Reversal Opportunity<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-207490","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/207490"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=207490"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/207490\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=207490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=207490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=207490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}