Bitcoin Breaks USD 38K, XRP Rips Higher, Altcoins Remain Attractive

7 January 2021

in XRP

Reading Time: 3 mins read

There was a fresh increase in bitcoin price above the USD 37,500 and USD 37,750 levels. BTC even cleared the USD 38,000 level and traded to a new all-time high. The price is currently (13:00 UTC) showing signs of upside continuation and it could rise further to USD 39,500 or USD 40,000.

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Similarly, there were positive moves in most major altcoins, including ethereum, EOS, XRP, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD is stable near USD 1,200 and it seems to be eyeing a clear break above USD 1,240 and USD 1,250. Besides, XRP/USD is up over 45% and it even broke the USD 0.320 resistance.

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Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a minor decline, bitcoin price reclaimed the USD 37,000 level. As a result, there was a fresh increase in BTC and it broke the USD 37,700 zone. There was a clear break above the USD 38,000 zone as well. The price traded to a new all-time high and it seems like the bulls are not done yet. If there are more gains, the price could test the USD 39,500 level.
If there is a downside correction, an initial support is near the USD 37,700 level. The next major support seems to be forming near USD 37,000.

Ethereum price

Ethereum price is stable above the USD 1,180 and USD 1,200 levels. The price could continue to rise as long as there is no clear break below USD 1,180. On the upside, the price could surge if the bulls clear the USD 1,140 and USD 1,150 levels.
Conversely, a downside break below the USD 1,180 support may possibly open the doors for a correction wave towards USD 1,100 or USD 1,050.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is consolidating above the 445 and USD 450 levels. The price is facing a strong resistance near USD 458 and USD 460. If BCH clears USD 460, it might set the pace for a push towards the USD 488 and USD 495 levels. The next key resistance is near USD 500. On the downside, the bulls might protect USD 440 or USD 432.
Litecoin (LTC) is moving higher towards the USD 170 and USD 172 resistance levels. A close above the USD 172 level could lead the price towards the USD 185 and USD 190 levels. The next major barrier is near the USD 200 level. If there is a fresh decline, the USD 155 and USD 150 levels might protect downsides.
XRP price remained strong and it gained pace above the USD 0.300 level. The price is up over 45% and it even surged above USD 0.320. The next key resistance is near USD 0.350, above which the price might accelerate higher towards the USD 0.400 level.

Other altcoins market today

Many altcoins gained over 10%, including KNC, SC, MANA, BTG, CHSB, ZEC, DGB, NEO, DASH, REP, REN, and CRO. Meanwhile, MKR, YFI, and XVG are up over 25%. YFI is now back above USD 33,000.

To sum up, bitcoin price is extending its rise above USD 38,000. If BTC settles above USD 38,000, it could set the pace for a ride towards the USD 40,000 level.
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