As Q2 comes to a close, many leading altcoins are entering a transformative phase with significant developments that could shape performance in Q3. Leading the way is XRP, preparing to deploy the XRPL EVM Sidechain – a milestone expected to create a major breakthrough.
In this context, Bitcoin Magazine has conducted an analysis of prominent altcoins this week to provide insights into their growth potential as July begins.
XRP
XRP is currently trading around the $2.17 mark, just a bit away from the important resistance level at $2.23. This altcoin is in a state of waiting for a strong enough catalyst to trigger a breakout. One of the biggest potential drivers is the launch of the new sidechain.
If successfully deployed, this sidechain could be the catalyst to increase demand, attract additional cash flow, and provide significant upward momentum for the price of XRP.
Recently, Ripple has partnered with Wormhole to enhance cross-chain interoperability for the XRPL network. The focus of this relationship is the plan to deploy the XRPL EVM Sidechain – a step expected to usher in a new growth phase for the XRP ecosystem. Although initially scheduled for launch in Q2, official updates were only announced last week, creating a wave of great expectations in the investor community.
Expected to launch in Q3, the XRPL EVM Sidechain could become a focal point attracting strong attention. If the excitement continues to spread and transforms into actual cash flow, XRP could potentially exceed the resistance level of $2.23 and aim for the $2.27 mark, or even higher.
XRP/USDT daily chart | Source: TradingView
The upward momentum will be further strengthened if XRP maintains its position above the 50-day Exponential Moving Average (EMA) – which is serving as a strategic support area. However, if the sidechain deployment process continues to be delayed, investor sentiment may reverse, leading to selling pressure that could drop the price to the support level of $2.08.
BNB
After a string of gloomy days lasting throughout the month, BNB has just recorded a strong increase of 6%, marking the possibility of ending the previous downtrend. Currently, this altcoin is trading around the $653 mark, attempting to maintain the important support area at $647. If successful, BNB could solidify its recovery momentum and expand its bullish space in the upcoming sessions.
Another factor that could provide a boost for BNB is the Maxwell hard fork upgrade event, scheduled for June 30. This update will shorten the block creation time from 1.5 seconds to just 0.75 seconds, significantly speeding up transaction processing. This upgrade not only improves the overall network performance but could also increase investor confidence – a key element to support BNB's continued rise.
BNB/USDT daily chart | Source: TradingView
On a technical level, the Parabolic SAR indicator is currently below the candlestick chart, reinforcing the bullish signal. The next resistance level is identified at $686, but to achieve this, BNB needs to successfully protect the $647 threshold. In a positive scenario, maintaining this support level could pave the way for an increase to $686. Conversely, if it fails, the price could slide back to the $618 area – threatening to weaken the recovery trend that has just formed.
Polygon (POL)
The price of POL has just recorded a slight recovery from the support area at $0.171, but the momentum quickly stalled as it approached the key resistance level at $0.190. After a strong 25% correction in mid-June, the market is entering a state of accumulation with a narrow fluctuation range, indicating that investor sentiment remains cautious. The upcoming developments are likely to be shaped by internal developments and the macroeconomic context.
Polygon is currently preparing for a groundbreaking network upgrade, expected to significantly enhance scalability. Starting in early Q3, the system could handle up to 1,000 transactions per second with confirmation times of less than 5 seconds. If successfully implemented, this upgrade would not only improve the platform's performance but could also breathe new life into the price of POL, boosting interest from investors.
POL/USDT daily chart | Source: TradingView
Additionally, the Chaikin Money Flow (CMF) indicator is showing signs of increasing money flow into Polygon, reflecting potential buying pressure in the market. If this trend continues, POL could potentially surpass the barrier at $0.190 to target the next goal at $0.204. On the contrary, in a negative scenario, if buying pressure weakens, POL could lose its current support area and slide below $0.171, even breaking the $0.167 mark – thereby diminishing short-term recovery prospects.
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