As we transition into the latter half of 2023, the cryptocurrency market remains highly volatile, influenced by ongoing legal disputes and economic turmoil. Bitcoin and Ethereum, despite their consistent prominence, have been trading within a narrow range near pivotal levels, leading investors to shift their focus toward altcoins in hopes of elevating their portfolios. July stands as a significant month for the crypto market and altcoins, with the resolution of numerous lawsuits on the horizon. Hence, Ripple (XRP), Litecoin (LTC), and Binance Coin (BNB) are poised to seize the spotlight and draw investors’ attention.
A Crucial Month For The Altcoin Market
The second half of the year ignited a resurgence in the crypto market. Led by the two dominant cryptocurrencies, Bitcoin and Ethereum, other well-established coins are tracing a similar trajectory, presenting lucrative entry points for trend-focused investors. As we approach July, with Ripple’s judgment, Litecoin’s halving event, and Binance’s legal proceedings on the horizon, we can expect a volatile trading activity around XRP, LTC, and BNB prices.
Ripple (XRP) Price Analysis
XRP price is already witnessing much action in the last 24 hours as it experienced a surge to a high of $0.496 and then a dip to the initial support level of $0.48. The elongated tail on the candlesticks indicates robust purchasing at these lower levels. As of writing, XRP price trades at $0.482, surging over 2.6% from yesterday’s rate.
If the lawsuit’s outcome favors Ripple, then XRP price might experience a surge in buying pressure, paving a potential rally toward the resistance zone at $0.52-$0.56. A breach above the resistance will skyrocket the price to $1 in July.
On the other hand, the support at $0.45 is a critical threshold to monitor in the short term. If this level falters, we could see an intensification of selling, potentially causing the XRP price to drop to $0.4. This level could once again trigger a strong buying response from the bulls.
Litecoin (LTC) Price Analysis
Litecoin recently took a dive below multiple Fib channels, but the bears failed to capitalize on this downturn. Today, the bulls stepped in, buying the dip and propelling the price back above the bullish region. Currently, the LTC price trades at $111, increasing by 4% from yesterday’s price.
Bulls are currently attempting to send the price above 23.6% Fib channel as it faces multiple rejections. Bears are defending the LTC price from surging above $113. However, a breakout above will skyrocket the price to $135.
Binance Coin (BNB) Price Analysis
BNB price is in a recovery mode as buyers’ domination is creating a bullish comeback for the altcoin in July. Currently, BNB price hovers around $245, climbing over 1.5% in a day.
As BNB’s price surpassed the 20-day EMA, bulls continued their attempt to break above the overhead resistance zone, ranging from $255 to $265. Sellers are likely to put up a staunch defense within this zone. If BNB breaks above, it might climb to the $300 zone.