The National Bank of Egypt which is the oldest and largest banking institution in the country, joins RippleNet. The price of XRP increases by 15% and surpasses a psychological level of $0.30.
Ripple and its new partner
As Youm7, a local news site, reports, the giant of the blockchain industry, Ripple, has recently signed a cooperation agreement with the National Bank of Egypt (NBE). The NBE is the oldest and at the same time largest bank in Egypt.
Because of that, the NBE has become the first banking institution in the country that uses blockchain technology. What is more, it is also another large financial institution which cooperates with Ripple.
By becoming a member of the RippleNet, which currently includes over 300 international banks and financial institutions, the NBE hopes to approach new markets and to expand its customer base. By being able to use provided by Ripple technology faster and more efficient cross-border payment mechanisms, the bank wants to support and expand its activities in the field of remittances as well, in particular in the Gulf region.
It is important to underline that, according to Ken Research, Egypt is the fifth largest remittance market in the world, right after India, China, Mexico and the Philippines which shows how crucial it is for the Ripple to get a foothold in this country.
XRP Goes Up By 15%. $0.30 becomes real.
After an increase of around 10% from yesterday's lows, the XRP price temporarily equaled as much as $0.30, the highest since last year's November. It was the largest one-day percentage increase in nearly a month. Currently, the Ripple token exchange rate is 0.32 USD.
An essential target area for bulls will, obviously, was the aforementioned psychological level of $0.30.
It is unclear, however, if the news of Ripple's new cooperation had an impact on the price of its token. The price increase is probably the result of yesterday's rally on the cryptocurrency market.