Ripple price analysis: XRP/USD plummets over 12% in a single week; Ripple’s Daniel Aranda elaborates the “Internet of Value” at a blockchain summit in London

• “I think what you can expect from Ripple is more focus and traction around cross-border payments,” said Daniel Aranda.
• Ripple price is trading a brief bullish flag pattern while the stochastic is at 71%.

Ripple price has been hit by the selling pressure that dominated al the cryptos in the market since the beginning of the year. XRP/USD has been locked within a descending channel from April 20. The price has progressively traded lower highs and lower lows. The recent declines in the previous week sent Ripple price spiraling below $0.45. The third largest crypto is, however, battling to shake off the bears, but the upside has been capped below $0.50 for a few days now.

During the just concluded CryptoCompare MJAC Blockchain Summit 2018 in London, Ripple Daniel Aranda who is also the managing manager of the popular xSpring initiative at the company shared his thoughts on the future of the Internet of Value. And while explaining the connection between the payments and the internet Daniel said:

“We think that if the internet today is tethered with packets of information and data being sent around, the internet of value will have a similar kind of architecture, but what will be sent around is money (value). We view payments as this connected tissue to whatever this new kind of internet is.”

He also talked about the future of Ripple as a cross-border solution provider saying:

“I think what you can expect from Ripple is more focus and traction around cross-border payments… And if one of our early competitors as this market bridges out is SWIFT… if we are going to beat them, what we offer has to be really good… and we think our traction is playing out, and network effects are starting to build around that.”

In the meantime, is trading below the moving averages on the 4-hour chart. Similarly, the gap between the 50 SMA and the 100 SMA is widening to show that selling activity is likely to continue in the near-term. The price is also trading a brief bullish flag pattern while the stochastic is at 71% signaling that the buyers are seeking entry as well. The immediate support is observed at $0.460 but the demand zone at $0.45 – $0.440 is within reach as long as XRP is still trading below $0.50.

XRP/USD 4-hour chart