The well-known Spanish banking company BBVA joined Ripple Partners’ long list as institutional adoptions continue to grow.
According to a recent report today, Ripple has expanded its custody footprint across the European banking industry after signing a new partnership with Banco Bilbao Vizcaya Argentaria (BBVA).
With this partnership, Ripple not only pushed for expanding its ecosystem and surged it to further surge in XRP, but also placed BBVA customers for a secure, exclusive crypto trading experience.
With a partnership agreement focused on marking one of Ripple’s major partnerships and promoting adoption among major institutions around the world, BBVA integrates Ripple’s management technology to support Spanish retail crypto trading platform. With the help of Ripple, BBVA will be able to secure direct custody of Bitcoin and Ethereum to its clients.
How about XRP?
Ripple’s latest partnership, coinciding with the epic shift in investors’ sentiment across today’s Crypto market, sparked responses among market participants and sparked fresh debate.
Following Ripple’s latest partnership with Spanish banking giants, XRP prices have been found to rebound beyond major resistance levels and register a sharp rise. Therefore, market watchers have expressed curiosity about whether Ripple’s recent third-party involvement is gaining XRP momentum, leading to the surge seen at today’s prices.
The debate appears to remain unsettled as many believe XRP has surged in response to a wider market rally that will return to and recover above previous highs.
However, other commentators suggest that developments have driven the positive price movement of XRP, as well as well-known partnerships such as European banks further validate the advantages of Ripple’s technology. This indirectly affects the market performance of XRP and places it for long-term adoption between agencies.
While discussions on the relationship between Ripple’s custody solutions and the potential of the XRP market continue to last, Crypto’s lawyer Bill Morgan recently worked on X to clarify the relationship between Ripple’s third-party collaboration and the XRP market outlook.
The lawyers stressed that Ripple’s US dollar-backed Stablecoin, RLUSD, has dismissed rumors that it plays a major role in external payments required for Ripple’s institutional involvement.
Morgan emphasized that most of Ripple payments include the use of XRP rather than RLUSD. This simply means that there is high demand for XRP between retailers and institutions, but it highlights the key role that such important Ripple partnerships can play in XRP price dynamics.
