With the second quarter coming to a close, several major altcoins are gearing up for significant developments that could influence their performance in the third quarter. Among these, XRP stands out with the anticipated debut of its XRPL EVM Sidechain.
This analysis highlights key altcoins for investors to monitor as July begins, along with potential price movements and critical levels to watch.
XRP: Awaiting a Major Breakout
XRP is currently trading around $2.17, hovering just below a crucial resistance level at $2.23. The asset is in need of strong bullish catalysts to push beyond this barrier. One of the most anticipated events is the launch of a new sidechain, which could drive considerable interest and demand.
Ripple’s recent collaboration with Wormhole is set to enhance multichain interoperability through the upcoming XRPL EVM Sidechain. Although initially expected in Q2, official updates were only shared recently, setting the stage for a potential Q3 launch. This development could serve as a major catalyst for XRP’s price.
Should the sidechain launch generate substantial excitement, XRP may break above the $2.23 resistance and target levels around $2.27 or higher. Holding the 50-day EMA as support would further confirm bullish momentum. However, delays could lead to selling pressure, potentially pushing the price toward the $2.08 support level.
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BNB: Riding the Momentum of a Network Upgrade
BNB has seen a 6% rise recently, breaking a month-long downtrend. Currently trading near $653, the altcoin is aiming to secure the $647 support level. Holding this level is essential for BNB to continue its upward trajectory.
A major event to watch is the Maxwell hard fork, scheduled for June 30. This upgrade will reduce block time from 1.5 seconds to 0.75 seconds, significantly improving transaction speed and finality. Such enhancements could boost investor confidence and drive further price appreciation.
The Parabolic SAR indicator is positioned below the price candles, suggesting that bullish momentum may continue. If BNB holds $647, it could aim for the next resistance at $686. A failure to maintain support, however, may result in a decline toward $618.
Polygon (POL): Preparing for a Scalability Upgrade
Polygon’s POL recently rebounded from the $0.171 support but continues to face resistance near $0.190. This follows a 25% decline in mid-June, and the current consolidation reflects market uncertainty.
A major network upgrade is expected by the start of Q3, which aims to increase throughput to 1,000 transactions per second with under five seconds of finality. This improvement could make Polygon more attractive to developers and investors alike.
The Chaikin Money Flow (CMF) indicator shows gradually increasing inflows, indicating growing interest. A breakout above $0.190 could lead POL toward $0.204. If buying pressure fades, however, the price may fall below $0.171 and test $0.167.
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Frequently Asked Questions
What makes the XRPL EVM Sidechain important for XRP?
The sidechain introduces Ethereum Virtual Machine compatibility to the XRP Ledger, enabling broader developer participation and enhanced interoperability. This could attract new projects and increase utility for XRP.
How does the Maxwell hard fork benefit BNB?
The hard fork reduces block time by half, leading to faster transactions and improved network efficiency. This upgrade enhances user experience and may increase adoption of the BNB Chain.
What is the goal of Polygon’s upcoming upgrade?
Polygon aims to significantly boost scalability and transaction speed, supporting higher throughput and quicker finality. This could strengthen its position as a leading layer-2 solution.
Should I invest based on these upcoming events?
While developments can influence prices, they are not guarantees of performance. Always conduct thorough research and consider market conditions before investing.
How can I stay updated on these altcoins?
Follow official project channels, reputable crypto news sources, and use portfolio tracking tools to monitor real-time developments and price action.
What are the major risks associated with these altcoins?
Key risks include delayed upgrades, broader market volatility, regulatory changes, and failure to meet technical expectations. Always assess risk tolerance and invest responsibly.
Note: This content is for informational purposes only and is not intended as financial advice. Cryptocurrency investments are volatile and high-risk. Always do your own research and consult a financial advisor before making investment decisions.