- The XRP price rose nearly 20% to hit a resistance level of $ 1.65.
- A 10% pullback allowing buyers to recover seems likely before the next leg begins.
- Hitting the supply barrier at $ 1.76 is critical for Ripple to hit $ 2.
XRP price saw an explosive rally in the last week of April and a similar turn of events is expected in the first week of May.
The XRP price remains on course
On the 4-hour chart, the XRP price shows that it has risen to pre-crash levels. At the time of writing, Ripple is trading at $ 1.61, indicating its intention to see a decline after the recent rebound.
The retracement could range from $ 1.52, a 6% decrease from current price, to $ 1.42, a much steeper 11% correction.
Investors must therefore pay particular attention to this area of interest.
Such a withdrawal would allow buyers to collect the transfer token with a discount for the next leg that could be as high as $ 2.
While the 22% upswing from the current price to USD 2 is plausible, market participants need to be aware of the supply barrier of USD 1.76, which could deter or stop this upturn.
Clearing this level of resistance would provide a clear path for Ripple to hit new annual highs.
XRP / USDT 4-hour chart
On the other hand, the bullish thesis would be invalidated if the pullback at $ 1.31 exceeds the 50% fibonacci retracement level. In such a state, the comeback would be difficult for bulls and could result in an 11% correction to $ 1.16.