The crypto market did well last week, with Bitcoin jumping to $115,000 and the valuation of all tokens rising to over $4 trillion. This recovery may continue this week as the Federal Reserve starts to cut interest rates.
This article explores some of the top cryptocurrencies to watch this week, including Ripple (XRP), Arbitrum (ARB), Dogecoin (DOGE), and LayerZero (ZRO).
XRP Price in Focus Ahead of ETF Launch
The XRP price will be in the spotlight this week as Rex Osprey launches the first spot ETF. This fund, which will be launched by Rex-Osprey, will provide investors with an exposure to XRP through a Cayman investment company.
The new XRP ETF joins other leveraged ones launched by Teucrium and ProShares that have attracted over $350 million and $100 million, respectively.
Still, while the upcoming ETF will be watched closely, the ones most investors are waiting for will likely be approved in October. These will be funds by companies like Bitwise, Invesco, and Franklin Templeton.
READ MORE: Opinion: The Case for a Spot BlackRock XRP ETF
Dogecoin Price to React to DOJE ETF Launch
Dogecoin price has done well in the past few months, moving from a low of $0.1300 in April to $0.30 today. Its price will be in the spotlight this week as Rex-Osprey launches its DOJE ETF, possibly ETF. Unlike XRP, there is no Dogecoin ETF today, making this launch more significant.
Technicals suggest that the Dogecoin price has more upside as it has formed an ascending double-bottom pattern with a neckline at $0.2866. It also remains above the 50-day and 100-day moving averages.
Dogecoin price is along the ultimate resistance point at $0.29. Therefore, the most likely DOGE forecast is where it rises to the extreme overshoot at $0.35.
LayerZero Price in Focus Ahead of a Big Unlock
LayerZero (ZRO) token has remained in a tight range in the past few months as it underperforms most cryptocurrencies. It remains 75% below its highest level on record despite its substantial use in ensuring the interoperability of blockchains.
ZRO price will be watched closely this week as the network unlocks millions of tokens. It will unlock tokens worth $48 million, which is equivalent to 21% of the total supply. These token unlocks will likely continue rising as it has a circulating supply of 245 million against a maximum one of 1 billion ZRO tokens.
Arbitrum Price to React to a Major Unlock
The other top cryptocurrency to watch this week will be Arbitrum, the second-biggest layer-2 network in the industry. Its main catalyst will be the upcoming unlock worth almost $50 million, which will happen on Sunday.
Like LayerZero, it also has a long way to go in terms of unlocks, as its circulating supply of 5.29 billion is 4.7 billion to get to the maximum of 10 billion. These unlocks likely explain why the Arbitrum price has underperformed other coins.
READ MORE: Dogecoin Price Prediction: Here’s Why DOGE May Surge Soon
