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BTC, ETH and XRP Price Analysis for January 7

Will the top three coins face a short-term decline in a few days?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bulls keep pushing the rates of the cryptocurrency market higher as all of the top 10 coins remain in the bullish zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key data for Bitcoin (BTC), Ethereum (ETH) and XRP today:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$706,827,817,241

$37,908.14 $80,007,151,058 8.54%

Ethereum

ETH

$138,385,757,265 $1,217.29 $41,763,042,021 5.80%

XRP

XRP

$15,711,305,743 $0.3416 $15,126,317,725 49.28%

BTC/USD

Bitcoin (BTC) is not going to stop its bull run and, today, it has surpassed the $38,000 mark. Meanwhile, the growth over the last week has accounted for 30%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the nearest support is the mirror level at $34,800. At the moment, there are no prerequisites for the drop, as the rise continues after each short-term accumulation. However, such a move should be considered a correction to gather more power for a future rise.

Bitcoin is trading at $38,400 at press time.

ETH/USD

Ethereum (ETH) has gained the least from our list as the rate of the chief altcoin has increased by only 5.80% over the past 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the weekly chart, Ethereum (ETH) is getting closer to its all-time high. Bulls have low chances of breaking it for the first time, as a false breakout is the more likely price action. If that happens, the drop may go to the crucial mark of $1,000.

Ethereum is trading at $1,227.13 at press time.

XRP/USD

XRP is the top gainer today. The rate of the coin has rocketed by 50% since yesterday.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

According to the daily chart, XRP has gotten out of the consolidation channel and is ready to continue its growth.

👉 MUST READ XRP Price Analysis for January 6related article image

The rise is supported by high liquidity, which means that buyers are still accumulating power. In this case, the closest resistance is the mark of $0.43.

XRP is trading at $0.3395 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com