Absolutly YES!
Ruby on Rails just a backend tech, is the same as what you plan to do for normal browser. There are only two things that you need to consider about mobile app. First is mobile browser's content size because you need to adjust your layout to fit the size. There is a HTML meta tag called viewport can help you.
Ex.
<meta name="viewport" content="width=device-width; initial-scale=1.0; maximum-scale=1.0; user-scalable=0;">
This script will tell user's browser that the content should be fit the devise size,initial-scale defines the viewport rate and maximum-scale defines how many times this page can scale, and user-scalble=0 means user cannot scale the page. More about viewport you can check the Mozilla's doc.
The other thing you need to consider is the HTML5 techs, but actually these aren't problems when you are using jQuery mobile. I recommend you to check their docs. This is very useful and clear for anyone.