To make the ribbed stitch with traditional needles you alternate the knit and purl stitch repeatedly (k, p, k, p, etc.). You can do the same thing to make a ribbing stitch on a Knifty Knitter loom. Simply alternate no wrap (knit) stitches with purl stitches (nw, p, nw, p, etc.). The fingerless glove in the photo was made by alternating knit and purl stitches for a ribbed and form fitting glove.
On the long Knifty Knitter looms you can also make the single rib stitches by going back and forth across the loom in a figure 8 pattern. For this reason it is sometimes referred to as the figure 8 stitch in loom knitting. The ribbed stitches created using this method are slightly looser then the knit/purl method.
Another way to create ribbed stitches on the long looms is the double ribbed stitch, sometimes called the box stitch. It produces the following pattern of ribbing: k, k, p, p.