Last week, the cryptocurrency market was pretty unstable because of the latest inflation reports. This caused prices of many altcoins like BNB, Litecoin, and XRP to correct downward, hovering around dips. Despite this, big investors saw it as a chance to buy more, which could lead to a significant price recovery for these altcoins this week.
Despite the overall market being in a correction mode, recent events around ETFs have made people more interested in a potential rebound in altcoins.
Read more: Why Bitcoin Analyst and Influencer PlanB Convert His Bitcoin Into ETFs?
This week, XRP became particularly noteworthy after the U.S. Securities and Exchange Commission (SEC) recognized ETF filings by Grayscale and 21Shares for XRP. Additionally, there’s growing excitement about potential ETFs for SOL and DOGE, following the SEC’s positive response to cryptocurrency-backed ETF filings.
This has left investors several reasons to witness a rebound in leading altcoin prices this week.
Binance Coin (BNB) Price Analysis
Binance Coin (BNB) recently saw a drop in buying interest after it couldn’t maintain its momentum above $700. Sellers are now targeting a retest of $650. Currently, BNB is priced at $656, showing a 0.2% decline in the last 24 hours.
The BNB/USDT trading pair is eyeing a rise to $689, but it might face strong resistance that could push its price down to $648. With the Relative Strength Index (RSI) at 48, just below neutral, BNB could face a rebound.
However, if BNB’s price can break above $689, it might climb towards $725. Conversely, if it drops below $648, the price could fall further to $623.
Litecoin (LTC) Price Analysis
Litecoin is attempting a strong recovery as it surges toward the high of $137. Though bears are defending resistance levels, LTC price might continue to charge ahead. As of writing, LTC price trades at $133, surging over 3% in the last 24 hours and 25% in the last seven days.
If Litecoin price drops below the 20-day EMA, sellers will likely push the LTC/USDT pair down to the key support level at $114. While buyers will attempt to hold this level, if sellers dominate, the price could further decrease to $100.
On the other hand, if Litecoin breaks and closes above the resistance zone and surges past $150, it could signal that the bearish pressure has ended. The price could then climb to the much-anticipated milestone of $200.
XRP Price Analysis
XRP’s recent trading activity, which had been stuck between $2.27 and $2.55, broke upward and is now consolidating below $2.8.
The buyers are now working to increase their advantage by keeping the price above the $2.8 consolidation. If they succeed, the XRP/USDT pair might reach the next resistance level at $3.4.
Also read: XRP Price Prediction For February 16
However, if the price sharply fails to hold the current momentum, it will indicate that sellers are still influential at higher prices. This could lead to XRP retesting buyers’ patience at $2.5
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