- Ripple’s BBVA deal sparks XRP price surge, reaching $3.01 today.
- XRP gains momentum as MiCA regulation strengthens European crypto adoption.
- Fed rate cut odds at 100%, boosting broader market optimism.
XRP has seen a notable price increase today, rising by 3.53% to reach $3.01. This surge comes on the heels of Ripple’s announcement of a significant new partnership with BBVA, the Spanish banking giant.
The development is the latest by Ripple to enter the institutional market of digital assets. It comes on the heels of a formal announcement by BBVA of a new retail-oriented crypto-asset trading and custody service in Spain. First, as an offering, Bitcoin (BTC) and Ether (ETH) will be provided at BBVA.
Ripple Expands Its Custody Technology Across Europe
Ripple will provide its digital asset custody technology, allowing BBVA to manage tokenized assets, including cryptocurrencies, securely. Such a move is especially timely, with the Markets in Crypto-Assets (MiCA) regulation of the European Union still making it a more straightforward pathway for banks to deal with digital assets.
Ripple executive, Cassie Craddock, the Managing Director of Europe, stressed the role of MiCA in getting European banks to roll out digital asset offerings, which their customers are actively demanding.
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Moreover, the probability of an XRP Exchange-Traded Fund (ETF) passing is also increasing, with the probability standing at almost 98%, as per Polymarket statistics. This approval odds growth comes after the court battle by Ripple and the U.S. Securities and Exchange Commission (SEC) turned out in favor of the company, paving the way to additional institutional expansion on its part.
XRP’s Price Surge Coincides With Growing Market Optimism
This boost in XRP’s price reflects growing optimism in the market, driven by the potential for an XRP ETF and the expanding institutional interest in digital assets. As Ripple currently offers the custody services of BBVA in several countries, such as Turkey and Switzerland, its technology has become an inseparable part of the bank’s digital asset strategy.
Francisco Maroto, Head of Digital Assets at BBVA, said that the Ripple technology fulfills the highest level of security and operational requirements and enabled BBVA to provide end-to-end custody services to its citizens.
The increase in Ripple’s presence in Europe makes it remain a leader in the digital asset environment. It assists banks and financial institutions in navigating the regulatory environment when managing and expanding their digital asset offerings.
Market Sentiment Strengthened by Fed Rate Cut News
The surge in XRP’s price may also be linked to broader market movements as new information emerges. A post by Whale Insider reports that the odds of a U.S. Federal Reserve rate cut have risen to 100% in September. Investor sentiment may be affected by this development, further driving up the value of XRP as market participants respond to what could happen to monetary policy.
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