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


  • Ripple goes ballistic breaking the stubborn $0.3 resistance.
  • The National Commercial Bank in Saudi joins the country’s central bank in RippleNet payment services.

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


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD approaches $7,000, bulls may be disappointed once again

BTC/USD resumed the upside trend after a consolidation around $6,700 during the weekend. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction.

More Bitcoin News

Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility. 

More Ripple News

ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market.

More Ethereum News

Cryptocurrency market update: Major cryptos remain on track to post weekly gains

Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high).

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP