The National Bank of Egypt, the oldest and largest banking institution in the country, joins RippleNet. Meanwhile, the price of XRP rises by 10%, approaching the psychological level of USD 0.30.
Ripple with a new partner
According to the local news service Youm7, blockchain industry giant Ripple, has recently signed a cooperation agreement with the National Bank of Egypt (NBE). It is the oldest and largest bank in Egypt.
NBE has thus become the first banking institution in the country to use blockchain technology. It is also another large financial institution that has established cooperation with Ripple.
By joining RippleNet, which now includes over 300 international banks and financial institutions, NBE hopes to access new markets and expand its client base. By gaining access to the faster and more efficient cross-border payment mechanisms provided by Ripple technology, the bank also wants to support and expand its remittance business, particularly in the Gulf region.
It is worth noting that Egypt is the fifth largest remittance market in the world, after India, China, Mexico and the Philippines, according to Ken Research. This highlights how important it is for Ripple to gain a foothold in this country.
XRP is growing by 10%. USD 0.30 already close
After an increase of about 10% since yesterday’s minima, the price of XRP tested today for a moment at USD 0.30 – the highest since November last year. It was the biggest one-day percentage increase since almost a month ago. Currently, the Ripple token price is USD 0.295.
Another important target area for bulls will of course be the aforementioned psychological level of USD 0.30.
It is not clear whether the news of the new Ripple partnership had an impact on the price of her token. The price increase is probably an effect of today’s rally on the crypto market.