Ripple partners with Spain's BBVA to expand its custody footprint in Europe, XRP price strongly breaks through.

Ripple announced a strategic partnership with Spanish banking giant BBVA to introduce its custody solutions into the European banking sector. This move not only expands Ripple's institutional ecosystem but also drives the price of Ripple (XRP) past a key resistance level, with market sentiment clearly warming up, reporting at $2.98 on September 11.

Ripple and BBVA's Strategic Cooperation

According to the latest news, Ripple has signed a cooperation agreement with BBVA (Banco Bilbao Vizcaya Argentaria) to integrate its custody technology into BBVA's retail cryptocurrency trading platform. This means that BBVA customers will be able to directly access secure custody services for Bitcoin (BTC) and Ethereum (ETH), while enjoying the high-security trading experience provided by Ripple.

This collaboration is seen as an important step for Ripple in promoting the adoption of its technology by major institutions globally, especially as its penetration rate in the European market will be further enhanced.

XRP price reaction and market debate

After the announcement of the collaboration, the price of XRP surged rapidly, breaking through recent key resistance levels and attracting market attention. Some analysts believe that this upward trend is directly related to the partnership between Ripple and BBVA, as the endorsement of a large financial institution has enhanced XRP's credibility among institutional investors.

However, there are also viewpoints that suggest the rise of XRP may simply be a result of the overall rebound in the cryptocurrency market, with limited association to any single collaboration event.

Legal and Market Perspectives Clash

Cryptocurrency lawyer Bill Morgan responded on platform X to discussions about Ripple and the market potential of XRP. He denied rumors that Ripple's dollar-backed stablecoin RLUSD would replace XRP in institutional payments and emphasized that most of Ripple's cross-border payments still rely on XRP.

Morgan added that collaborations like the one with BBVA, while not immediately changing the retail market structure, will increase the demand and use cases for XRP in the long term.

Strategic Significance of Ripple's European Custody Layout

Ripple's collaboration with BBVA highlights its expansion strategy in the European market. The demand for crypto asset custody in the European banking sector is rapidly increasing, and Ripple's technological advantages and compliance capabilities make it an important partner for banking institutions.

As more banks establish partnerships with Ripple, XRP's role in cross-border payments and institutional trading is expected to further solidify, providing support for its long-term price performance.

Conclusion

The collaboration between Ripple and BBVA not only marks its further penetration into the European custody market but also brings new market confidence to XRP. Although short-term price fluctuations are still influenced by the overall market, in the long run, such collaborations with large banks will continue to enhance XRP's institutional adoption rate and global influence. For more real-time market updates and in-depth analysis, please follow the official Gate platform.