As we enter the second half of 2023, the cryptocurrency market remains highly volatile, impacted by ongoing legal disputes and economic turmoil. Bitcoin and Ethereum, despite their consistent prominence, have traded in a narrow range near crucial levels, leading investors to shift their focus to altcoins in hopes of boosting their portfolios. July is an important month for the crypto market and altcoins, with the resolution of numerous lawsuits ahead. Therefore, Ripple (XRP), Litecoin (LTC) and Binance Coin (BNB) are poised to grab the spotlight and grab the attention of investors.
A crucial month for the Altcoin market
The second half of the year triggered a rebound in the crypto market. Led by the two dominant cryptocurrencies, Bitcoin and Ethereum, other established coins are following a similar trajectory, providing lucrative entry points for trend-oriented investors. As we approach July, with Ripple’s verdict, Litecoin’s halving, and Binance’s legal action ahead, we can expect volatile trading activity around XRP, LTC, and BNB prices.
Ripple (XRP) price analysis
XRP price has already witnessed a lot of action over the past 24 hours as it surged to a high of $0.496 and then plunged to its original support level of $0.48. The elongated tail on the candlesticks indicates robust buying at these lower levels. At the time of writing, XRP price is trading at $0.482, up more than 2.6% from yesterday’s price.
If the outcome of the lawsuit is in favor of Ripple, XRP price could experience a surge in buying pressure, paving the way for a potential rally towards the $0.52-$0.56 resistance zone. A break above the resistance will shoot the price up to $1 in July.
On the downside, the $0.45 support is a critical threshold to monitor in the near term. If this level falters, we could see an intensification in sales, potentially pushing the XRP price down to $0.4. This level could again trigger a strong buying reaction from the bulls.
Litecoin (LTC) price analysis
Litecoin recently took a dive under multiple Fib channels, but the bears were unable to capitalize on this downturn. Today the bulls stepped in, bought the dip and propelled the price back above bullish territory. Currently, the LTC price is trading at $111, up 4% from yesterday’s price.
Bulls are currently trying to send the price above 23.6% Fib channel as it encounters multiple rejections. Bears are defending LTC price from an increase above USD 113. However, a breakout above will shoot the price up to $135.
Binance Coin (BNB) Price Analysis
The BNB price is in recovery mode as buyer dominance creates a bullish comeback for the altcoin in July. Currently, the BNB price is hovering around $245, up more than 1.5% per day.
As the price of BNB surpassed the 20-day EMA, the bulls continued their attempt to break above the upper resistance zone ranging from $255 to $265. Sellers are likely to hold firm defenses in this zone. If BNB breaks above it, it could rise to the $300 zone.