The cryptocurrency market experienced volatility last week due to the latest inflation reports, leading to a correction in prices of altcoins like BNB, Litecoin, and XRP. Despite the dip, large investors saw an opportunity to increase their holdings, potentially resulting in a significant price recovery for these altcoins this week.
Although the market is in correction mode, recent developments surrounding ETFs have sparked interest in a possible rebound for altcoins.
This week, XRP gained attention after the SEC acknowledged ETF filings by Grayscale and 21Shares for XRP. There is also anticipation surrounding potential ETFs for SOL and DOGE following positive responses from the SEC to cryptocurrency-backed ETF filings.
These factors have given investors multiple reasons to anticipate a rebound in leading altcoin prices this week.
Binance Coin (BNB) Price Analysis
BNB saw a decrease in buying interest after failing to sustain momentum above $700. Sellers are now aiming for a retest of $650, with BNB currently priced at $656, reflecting a 0.2% decline in the past 24 hours.
The BNB/USDT trading pair aims for a rise to $689, but it may encounter strong resistance that could push the price down to $648. With the RSI at 48, slightly below neutral, BNB could see a rebound.
If BNB breaks above $689, it could climb towards $725. Conversely, a drop below $648 could lead to further decline to $623.
Litecoin (LTC) Price Analysis
Litecoin is making a strong recovery as it approaches the high of $137. Despite resistance from bears, LTC price is advancing. Currently trading at $133, LTC has surged over 3% in the last 24 hours and 25% in the last seven days.
If Litecoin price drops below the 20-day EMA, sellers may push the LTC/USDT pair towards the key support level at $114. Buyers will seek to defend this level, but if sellers prevail, the price could drop further to $100.
On the other hand, a breakout and close above the resistance zone, surpassing $150, could signal the end of bearish pressure for Litecoin. This could potentially lead to a climb towards the milestone of $200.
XRP Price Analysis
XRP recently broke out of its trading range between $2.27 and $2.55 and is now consolidating below $2.8.
Buyers are working to maintain the price above the $2.8 consolidation, potentially pushing the XRP/USDT pair towards the next resistance at $3.4.
If the price fails to hold the current momentum, it could indicate that sellers still have influence at higher prices, leading to a retest of $2.5.
