- Ripple will power inward international money transfers for the bank.
- Ripple price is dancing with the 38.2% Fibo around $0.460.
Ripple price is intent on making higher corrections but the selling activity is just too great to support the price. XRP/USD is down over 2% on Thursday after testing the resistance at $0.47, slightly below the bearish trendline. The weak support at $0.47 failed to hold ground in the declines that took place during the Asian trading hours today. The price is flirting with the 38.2% Fib retracement level with the previous swing high of $0.491 and a swing low of $0.44 around $0.460.
In other Ripple news, Kotak Mahindra one of the leading private banks in India is the new member of RippleNet to tap into Ripple inward money remittance solutions. Ripple will power inward international money transfers for the bank. Kotak Mahindra is going to utilize xCurrent to achieve instant payments on RippleNet. The xCurrent is not based on Ripple’s XRP token, therefore the bank will be tapping into the companies blockchain network. The transaction time is expected to come down from three days to only a few minutes. The digital chief at Kotak Mahindra, Deepak Sharma said in a comment:
“xCurrent ticks all the boxes and enables us to offer our customers a more transparent and efficient global payments service using blockchain. Joining RippleNet also expands our payment network globally by allowing us to connect with other members.”
Ripple is facing immediate resistance provided by both the 50 SMA and the 100 SMA at $0.464 and $0.465 respectively. Trading above $0.465 could open the gate for further retracements towards $0.50. In the meantime, the 38.2% Fibonacci level support must continue to hold to stay away from more breakdowns. There is, however, a stronger support at $0.450 but before that $0.455 will prevent declines as well.
XRP/USD 15′ chart 
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