XRP Price Plunges Below 'Battlefield' Zone as Analysts Eye Major Reversal Opportunity

XRP's price has dropped below $1.05 for the second time in recent days, prompting analysts to warn of a potential breakdown.

The cryptocurrency market has been affected by tension in the Middle East, with Bitcoin dropping to $62,000 and XRP fighting to defend its last line of defense before the bulls must defend the $1.00 zone.

Analyst EGRAG CRYPTO calls the $1.05 level a 'battlefield' region and notes that despite managing to maintain it earlier in the day, the asset's 4-hour chart shows a predominantly bearish structure of lower highs.

To recover, XRP must successfully defend $1.05 before bouncing above $1.083 and reclaiming the $1.10 level, which now acts as resistance. A major price target is set at $1.30 if the asset manages to continue its recovery.