Bitcoin’s price has been unable to maintain its positive momentum in the past few days, as bears successfully pushed it back to the key level of $60,000.
Now all eyes are on it, but in the past 24 hours, there has been a cryptocurrency challenging the negative sentiment.
Bitcoin’s price drops to $60,000
Bitcoin’s price failed to continue the upward trend that started earlier this week and is currently rising towards $60,000. At the time of writing, the leading cryptocurrency is trading at $60,700, a 3% decrease for the day and a 1.4% decrease for the week.
Source: TradingView
As shown in the chart above, on July 3rd, the candle price experienced a sharp drop within a few hours and found some support at the current level.
It is important to see whether this situation will continue or if bears are determined to bring BTC below the psychological and technical threshold of $60,000.
Altcoins suffer, but XRP price remains high
Most of the major altcoins are trading in the red. For example, Ethereum has dropped nearly 3%, BNB has dropped 2.2%, SOL has dropped 1%, DOGE has dropped 1.4%, PEPE has dropped 5.6%, and so on.
Source: Quantitative Crypto
However, there are also a few that have successfully contained the decline and remained stable. One of them is XRP. The main reason for XRP’s green trading is related to the latest developments in the case between Ripple and the U.S. Securities and Exchange Commission (SEC).
The company recently submitted a supplemental filing regarding Binance’s decision to cryptocurrency exchange.
Essentially, last week, Judge Amy Jackson dismissed the regulatory agency’s allegations that BNB secondary market sales constituted securities transactions.
In turn, Ripple Labs is attempting to leverage this point to support their argument. It will be interesting to see how the case unfolds and whether Ripple will come out on top.