XRP price has significantly risen following Ripple's announcement of a partnership with BBVA, the Spanish banking giant.
Ripple's Deal with BBVA
XRP surged by 3.53%, reaching $3.01 after Ripple announced a new partnership with BBVA. The partnership aims to launch crypto asset trading and custody services in Spain.
Ripple's Expansion in Europe
Ripple will provide its digital asset custody technology, enabling BBVA to securely manage tokenized assets, including cryptocurrencies. This development aligns with the MiCA regulation, which simplifies banks' dealings with digital assets. Cassie Craddock, Ripple's Managing Director in Europe, noted that this regulation is facilitating the rollout of offerings for clients.
Market Sentiment and the Federal Rate
The increase in XRP's price is also linked to the overall optimistic market sentiment, partly driven by the likelihood of a U.S. Federal Reserve rate cut at 100%. This might positively impact investor sentiment and further boost XRP's value.
Ripple's partnership with BBVA and growing interest in crypto assets are creating favorable conditions for market growth, which is reflected in XRP's price.
