XRP/USD jumps above $0.2900 as Ripple boasts a partnership with the National Bank of Egypt

Ripple's XRP, the third-largest digital asset with the current market value of $12.5 billion has been gaining ground during early Asian hours. At the time of writing, XRP/USD is changing hands at $0.2880, off the recent high of $0.2922. The coin surpassed $0.2900 for the first time since early November 2019.

Ripple will provide technological solutions for the National Bank of Egypt

The National Bank of Egypt (NBE) joined RippleNet to get access to fast and cost-efficient payment remittance processing. NBE is the first bank in Africa to enter into a cooperation with Ripple, the local media outlet yourm7.com reports.

It is still unclear, whether the bank will use Ripple’s XRP token for remittance purposes.

Hisham Okasha, Chairman of the NBE, believes that access to RippleNet will allow to speed up remittances from the Gulf region to Egypt and process transactions at lower costs. Also, the bank intends to use the deal to establish a relationship with partners from the United States of America, the United Kingdom or Canada.

XRP/USD: Technical picture implies that more sell-off is in store

On the intraday charts, the initial support is created by $0.2830 ( the middle line of 1-hour Bollinger Band). Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2800 and $0.2760. This barrier is created by a combination of SMA50 and SMA100 on 1-hour chart. The RSI has reversed to the downside, though it is still above 70.00, which means that XRP is overbought. This technical setup implies that the coin may continue the downside correction in the nearest future. 

The above-said area below $0.2800 is likely to serve as a bottom and a jumping-off ground for the next upside wave. The critical resistance is created by $0.2900. It needs to be taken out before a stronger barrier of $0.30 will come into focus.

XRP/USD 1-hour