Ripple expands into Saudi banking sector

[Ben Graham]

XRP posted a solid gain yesterday despite broad weakness across the cryptocurrency market.

Ripple announced a strategic partnership with Riyad Bank aimed at integrating blockchain technology to facilitate faster, lower?cost cross?border transfers, asset tokenization, and custody services. Riyad Bank manages about $130,000,000,000 in assets, and the collaboration opens substantial opportunities for both parties.

The deal marks a notable step toward wider adoption of blockchain solutions in Saudi Arabia's financial sector. As one of the kingdom's largest banks, Riyad Bank is seeking to deploy innovative tools to improve operational efficiency and client service.

Ripple's technology should materially shorten settlement times and lower fees for international payments. Traditional cross?border transfers can take several days and carry high charges. Ripple's blockchain?based solutions enable near-instant, more economical transactions, a benefit for businesses and individuals conducting overseas operations.

Tokenization and custody are other key pillars of the partnership. Tokenization converts physical assets—such as real estate or securities—into digital tokens on a blockchain, increasing liquidity, accessibility, and ease of transfer. Custodial services provide secure storage and management of those digital assets.

The partnership underscores growing interest in blockchain from financial institutions across the Middle East. It is likely to support the development of Saudi Arabia's digital economy and attract additional investment to the region.

Trading recommendations:

Buyers of BTC are targeting a return to $90,000, which would open a direct path to $92,100 and then $94,000. The extended target is the peak near $95,800. A break above that level would signal attempts to restore a bull market. On the downside, buyers are expected at $87,900. A move below that area could quickly push BTC toward $86,300, with a further downside target near $83,200.

As for Ethereum, a clear consolidation above $2,970 would open a direct route to $3,050. The extended target is the peak near $3,129. Surpassing that level would strengthen bullish sentiment and renew buyer interest. If ETH falls, buyers are anticipated at $2,887. A drop below that zone could rapidly send ETH down to about $2,789, with a farther downside target around $2,684.

What we see on the chart:

- Red lines indicate support and resistance levels where either a price slowdown or active growth is expected;

- Green lines indicate the 50-day moving average;

- Blue lines indicate the 100-day moving average;

- Light green lines indicate the 200-day moving average.

Typically, a crossover or price test of these moving averages either halts market momentum or sets a new directional impulse.

The material has been provided by InstaForex Company - www.instaforex.com