With the Q2 coming to an end today, many major altcoins are preparing for crucial developments that could shape their performance in Q3. Leading the list is XRP set to to debut its XRPL EVM Sidechain.
Thus, BeInCrypto has analyzed altcoins for the investors to watch this week and where they could be heading as July begins.
XRP
XRP is currently trading at $2.17, just below the crucial resistance level of $2.23. The altcoin is awaiting strong bullish cues to push past this barrier. One potential catalyst could be the launch of a new sidechain.
If successful, the introduction of the sidechain could boost XRP’s price by attracting new investors and increasing demand.
Ripple’s recent partnership with Wormhole is expected to bring multichain interoperability to the XRPL with an upcoming launch of the XRPL EVM Sidechain. While the debut of the chain was anticipated for Q2, updates were only shared last week. This announcement sets the stage for a potential breakout in the coming months.
The XRPL EVM Sidechain is expected to launch in Q3, and the build-up to this release could spark significant interest in XRP. If the excitement surrounding the launch drives demand, XRP could surpass the $2.23 resistance, possibly reaching $2.27 or higher.
Securing the 50-day EMA as support will solidify the bullish momentum. However, any further delays in the launch could cause XRP holders to sell, driving the price down to $2.08 support level.
BNB
BNB price has recently seen a 6% rise, signaling the end of its month-long downtrend. Trading at $653, the altcoin is now focused on securing the $647 support level. A successful defense of this price point will allow BNB to build on its recent gains and aim for higher targets.
Another major development for BNB is the upcoming Maxwell hard fork, scheduled for June 30. This hard fork will reduce block time from 1.5 seconds to 0.75 seconds, enabling faster transaction finality. The update could enhance the network’s overall efficiency, increasing investor confidence and pushing BNB’s price upward.
The Parabolic SAR indicator is currently positioned below the candlesticks, signaling continued bullish momentum for BNB. The next resistance level lies at $686, but the altcoin must secure the $647 support first. If this support holds, BNB could target $686. However, if the price fails to hold $647, BNB could drop to $618, invalidating the bullish outlook.
Polygon (POL)
POL price recently bounced off the $0.171 support level but continues to struggle beneath the $0.190 resistance. This consolidation follows a 25% decline seen in mid-June. The current sideways movement suggests that market sentiment is uncertain, with a breakout largely dependent on upcoming developments and broader market conditions.
Polygon is gearing up for a significant network upgrade, which will enhance its scalability. By the beginning of Q3, the network is expected to handle 1,000 transactions per second with less than five seconds of finality. This upgrade could drastically improve the platform’s performance, attracting investor interest and potentially driving the altcoin’s price higher.
The Chaikin Money Flow (CMF) indicator shows that Polygon’s inflows have been gradually increasing, signaling growing interest. If this trend continues, POL may break through the $0.190 resistance and rise towards $0.204. However, should momentum stall, POL might fail to breach the resistance and fall below $0.171 and slip through $0.167, invalidating the bullish outlook.
Disclaimer
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