Its very difficult to say what will be the immediate impact of the RBI Ban (if) implemented on July 5th. Since the RBi Circular gave us a deadline, we are on a very tight clock. The short term impact should be pullback by casual investors who will be the first to flee before the deadline hits. Hardcore investors will stay on unfazed as they know this is the beginning of the boom and not a bust.
The long term impact wont hit the crypto market in any way. India plays a relatively small role in the global cryptocurrency market with only about 2% of the global cryptocurrency market cap. On the other side, most home grown exchanges will shift their servers and operations abroad to crypto friendly countries.