The affect of 5500ft altitude would reduce performance for a 3:31 1500m runner 4-4.5sec. His time of 3:35 1500m at an altitude of 5500ft would then in effect be worth a 3:31 1500m at sea level.
Based on the 1500m performance list, current as of 7/31, this would rank him between 4th and 10th. Three runners have broken 3:31 for 1500m this season with 9 below 3:32.
His compatriot, Shadrack Korir, is currently ranked 5th on the list whom he beat by a 0.6 second margin at the trials of 3:35.5 for Kiprop to 3:36.1 for Korir.
Kiprop's comment following the Kenyan trials stating "I feel good. The pace was not so high and I was able to capitalize on it," bodes well for his peaking and finishing kick, both necessary factors to consider when contending for a medal or title in a championship race.
Asbel's only previous performance over 1500m this summer, a 3:35.81 on July 2nd in Athens for 12th in addition to his youth does result in a shadow of doubt over the consistency of his performances.
Nevertheless, his previous performance as mentioned earlier with his cross country triumph in addition to his recent result at the Kenyan trials lends me to believe he is a favorite for a top 3 finish and a contender for the title but by no means a favorite.