Ripple Price Forecast: XRP eyes record high as Ripple partners with Spanish bank on crypto custody
- XRP nears breakout to $3.66 record high after reclaiming support $3.00 on Tuesday.
- Ripple partners with Spanish bank BBVA on digital asset custody technology.
- The agreement follows BBVA’s decision to offer crypto-asset trading and custody service for Bitcoin and Ether.
Ripple (XRP) is experiencing a mild intraday uptrend, briefly trading above $3.00 before a slight correction on Tuesday. The uptrend reflects a bullish wave traversing the broader cryptocurrency market, which has seen Bitcoin (BTC) briefly trade above $113,000 while Ethereum (ETH) edges closer to breaching the resistance at $4,400.
Ripple and BBVA collaborate on Bitcoin, Ethereum custody service
Ripple and Spanish Bank BBVA have signed a partnership agreement, which will see the financial institution offer digital asset custody services. BBVA will leverage Ripple Custody, an institutional-grade digital self-custody technology, to offer secure and scalable custody services for tokenized assets, including leading coins such as Bitcoin and Ethereum.
The move comes after the implementation of the European Union’s (EU) Market in Crypto-Assets regulation (MiCA) regulatory framework and rising customer demand for digital asset services.
BBVA recently launched its Bitcoin and Ethereum trading as well as custody services targeting retail customers in Spain. Customers now have direct access to Bitcoin and Ethereum, supported by digital custody services, all within a fully integrated environment.
“We want to make it easier for our retail customers in Spain to invest in crypto-assets, through a simple and easy-to-access digital solution on their cell phone,” Gonzalo Rodríguez, head of retail banking for BBVA Spain, said at the time.
Ripple Custody is gaining momentum as an institutional-grade digital custody technology, ensuring access to crypto and other digital assets while aligning with the strict security, operational, and regulatory requirements in different jurisdictions.
“Ripple’s custody solution allows us to leverage proven and trusted technology that meets the highest security and operational standards, allowing BBVA to directly provide an end-to-end custody service to its customers,” Francisco Maroto, head of digital assets at BBVA, said.
Technical outlook: XRP poised for breakout
XRP holds above the 50-day Exponential Moving Average (EMA) at $2.91 following a brief move above resistance at $3.00. Its short-term technical structure is bullish, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator since Monday.
Traders anticipate a daily close above the descending trendline on the daily chart below, which would affirm XRP’s bullish outlook.
XRP/USDT daily chart
The Relative Strength Index (RSI), which is stabilizing at 52, indicates relatively neutral demand for XRP. A continued move toward overbought territory would mean increasing buying pressure. However, if the RSI drops below the midline, the path of least resistance could shift downward, causing traders to focus on the 100-day EMA support at $2.78 and the 200-day EMA at $2.53.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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