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<ul><li><strong>Amid the bear dominance, the XRP price is down 8.61% in the last 7 days.</strong></li><li><strong>The price recently broke below the key support level at $0.49.</strong></li></ul><p>The escalating Hamas-Israel confrontation is having repercussions beyond the realm of politics. There are also indications of trouble in the cryptocurrency sector. <a href="https://thenewscrypto.com/bitcoin-continues-to-fall-whats-fueling-the-decline/" rel="noopener noreferrer nofollow">Bitcoin</a> and other cryptocurrencies are already feeling the heat.&nbsp;</p><p>Traditional equity investments have seen a decline in popularity among investors. The trend now is clearly towards safer assets like gold and oil.</p><p>The top brass at Ripple has always insisted that they have no influence whatsoever on the market performance of <a href="https://thenewscrypto.com/millions-in-xrp-shifted-as-ripple-case-options-emerge-post-appeal-denial/" rel="noopener noreferrer nofollow">XRP</a>. However, the company’s choice to not sell a significant amount of its monthly XRP allocation from the escrow account has begun to create doubts.</p><h3 class="wp-block-heading" id="h-bears-in-total-control">Bears in Total Control</h3><p>After a daily symmetrical triangle pattern in XRP’s price was confirmed, a greater fall is likely imminent. Furthermore, the token continues to trade under all three key moving averages (21-day EMA, 100-day EMA, and 200-day EMA).</p><div class="wp-block-image"><figure class="aligncenter size-full"><img width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap.png" alt="" class="wp-image-83663"><figcaption class="wp-element-caption"> Source: <a rel="noopener noreferrer nofollow">CoinMarketCap</a></figcaption></figure></div><p>At the time of writing, XRP is trading at $0.488, down 1.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 0.54%. Amid the bear dominance, the XRP price is down 8.61% in the last 7 days.</p><p>The attempt to break over $0.54 resistance level failed recently. Ever since, the price has been under severe selling pressure. Adding salt to the wound, it recently broke below the support level at $0.49.</p><p>Moreover, it will likely head towards $0.47 support level. Further decline will see the price test $0.42 key support level. If the price manages to go past the $0.50 resistance level, then it will likely move towards the $0.52 mark.</p>

XRP Faces Severe Selling Pressure; Further Decline Likely?

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