Ripple price jumps 13% on Tuesday as Saudi’s National Commercial Bank joins RippleNet

Ripple is defying the selling pressure in the market to add over 13% of its value in less than half an hour. The fireworks are ongoing at the time of writing and it is likely that the crypto will break above $0.3050 in the short-term. The technical signals are looking strongly positive besides the breakout from the short-term triangle resistance seems to have added fuel to the uptrend above $0.274.

The news in the market is that the National Commercial Bank in Saudi Arabia has taken up RippleNet. This is a blockchain service build on Ripple’s advanced blockchain to offer banks and other payment providers with real-time cross-border payments. The country is host to a significant number of migrant workers. This situation has led to an increase in the need for international fund transfers. The central bank in Saudi Arabia is also piloting RippleNet in order to achieve instant cross-border payments.

The National Commercial Bank has over 5 million customers both locally and internationally, it aims at taking advantage of Ripple’s technology for instant international transfers. RippleNet transfers are instant and preferable as opposed to the commonly used SWIFT which takes up to 3-5 days. The National Commercial Bank intends to start connecting customers in North America, Asia as well as Singapore.

For the moment, Ripple is still trading the engulfing triangle. A support is supposed to be established above $0.30 to ensure that XRP/USD does not dip again toward the recent support at $0.26. The MACD is in the positive zone and moving further north. Ripple is also trading above the moving averages (both the 50SMA and the 100SMA).

XRP/USD 1-hour chart