XRP Faces Severe Selling Pressure; Further Decline Likely?

• Amid the bear dominance, the XRP price is down 8.61% in the last 7 days.
• The price recently broke below the key support level at $0.49.

The escalating Hamas-Israel confrontation is having repercussions beyond the realm of politics. There are also indications of trouble in the cryptocurrency sector. Bitcoin and other cryptocurrencies are already feeling the heat. 

Traditional equity investments have seen a decline in popularity among investors. The trend now is clearly towards safer assets like gold and oil.

The top brass at Ripple has always insisted that they have no influence whatsoever on the market performance of XRP. 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.

Bears in Total Control

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).

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.

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.

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.