The XRP token has fallen below $1.05 for the second time in recent days amid renewed losses across the cryptocurrency market, partly driven by escalating tensions in the Middle East. Bitcoin dropped to $62,000 after failing to reclaim the $63,000 support level. XRP was rejected near $1.20 following favorable June inflation data and subsequently lost the $1.10 support level. Analyst EGRAG CRYPTO described the $1.05 level as a “battlefield” region, warning that a decisive breakdown below that point would likely send XRP toward the $1.00 liquidity zone. Another analyst, Mikybull Crypto, argued that XRP’s bullish reversal run is “currently loading,” citing historical patterns from two years ago when a compressed structure led to a fresh all-time high within less than a year. Historical data shows August has been a painful month for XRP in each of the previous four editions.
The cryptocurrency market has posted fresh losses over the past few hours, with Bitcoin dropping to $62,000 after failing to reclaim the $63,000 support during the day. XRP slipped below $1.05, marking its second return below that level in several days.
The asset was rejected at $1.20 during the mid-July rally after favorable US inflation data for June and eventually lost the $1.10 support level. XRP now fights for the last line of defense before bulls would have to defend the $1.00 zone.
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 “major price target” set at $1.30.
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, as stated. Analyst Mikybull Crypto also believes XRP has the strength to stage a surprising comeback, claiming that the asset’s bullish reversal run is currently loading despite the negative outlook.
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, it rocketed to a fresh all-time high within less than a year. “Before the last run, I screamed for you to buy at a crazy discount. The opportunity is presenting again,” he said.
History is not on XRP’s side at the moment, however, as August has been quite a painful month for the asset. As reported earlier today, the cross-border token was deep in the red in all four previous editions.
