XRP (XRP +1.60%) is jumping on Monday, up 3.9% in the last 24 hours as of 8:13 p.m. ET. The spike comes as the S&P 500 gained 0.5% and the Nasdaq Composite gained 0.4%.
Ripple, the company behind XRP, announced a strategic partnership with Jeel, the innovation arm of Riyad Bank to support Saudi Arabia's efforts to upgrade its financial systems under the Vision 2030 program.
CRYPTO: XRP
Key Data Points
Ripple is teaming up with a major bank in Saudi Arabia
Ripple has recently moved to mint international partnerships, working to embed itself into the banking systems of major regional players like Riyadh Bank. The new agreement will see Ripple and Riyad explore improvements in cross-border payments, Ripple's core focus, but also tokenization of physical assets.
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While institutional adoption is growing, Ripple faces stiff competition from emerging central bank digital currencies (CBDCs) and rival stablecoin ecosystems. Beyond this, though the partnership will explore the use of XRP as a bridge asset, the adoption of Ripple's technology does not necessarily translate into an increase in XRP's price, despite what many XRP investors would hope. Ripple's stablecoin, RLUSD, could become the preferred bridge asset and sap XRP demand.
