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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound

Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound

Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.

More Cryptocurrencies News
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins

US SEC may declare XRP a 'commodity' as Ripple settlement talks begins

The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.

More Ripple News
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause

Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause

Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices. 

More Cardano News
Stablecoin regulatory bill receives green light during Banking Committee hearing

Stablecoin regulatory bill receives green light during Banking Committee hearing

The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.

More Cryptocurrencies News
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation

Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation

Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead. 

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP