Renowned Spanish banking firm BBVA has joined the long list of Ripple partners as institutional adoption continues to grow.
According to a recent report today, Ripple has extended its custodial footprint across the European banking industry after signing a new partnership with Banco Bilbao Vizcaya Argentaria (BBVA).
With this partnership, Ripple has not only expanded its ecosystem and propelled XRP for further upsurge, it has also positioned BBVA’s customers for a secure and exclusive crypto trading experience.
Marking one of Ripple’s major partnerships focused on fostering its adoption among major institutions across the globe, the partnership deal will see BBVA integrate Ripple’s custody technology to support its retail crypto trading platform in Spain. With the help of Ripple, BBVA will now be able to offer its clients secure direct custody of Bitcoin and Ethereum.
What’s in for XRP?
With Ripple’s latest partnership coinciding with an epic shift in investors' sentiments across the crypto market today, it has sparked reactions and stirred fresh debates among market participants.
Following Ripple’s latest partnership with the Spanish banking giant, the price of XRP was spotted registering a sharp upside movement, rebounding above key resistance levels. Hence, market watchers have expressed curiosity as to whether Ripple’s recent third-party engagement has garnered momentum for XRP, leading to the surge witnessed in its price today.
The debate appears to have remained unsettled as many believe that XRP had only surged in response to the broader market rally which saw other leading cryptocurrencies rebound back above previous highs.
However, other commentators have suggested that XRP’s positive price move was spurred by the development, as high-profile partnerships such as European banks further validate Ripple’s technological edge. This indirectly impacts XRP’s market performance, positioning it for long-term adoption among institutions.
While the debate about the relationship between Ripple’s custody solutions and XRP’s market potential has continued to linger, pro-crypto lawyer Bill Morgan has recently taken to X to clarify the connection between Ripple’s third-party collaborations and XRP’s market prospects.
The lawyer highlighted dismissing rumors that Ripple’s U.S. dollar-backed stablecoin, RLUSD, plays the major role in external payments required for Ripple’s institutional engagements.
Morgan highlighted that the majority of Ripple payments involve the use of XRP, not RLUSD. While this can only mean higher demand for XRP among retailers and institutions, it highlights the major role key Ripple partnerships like this can play in XRP’s price dynamics.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team