XRP is poised for a potential breakout towards its record high of $3.66 after successfully reclaiming the crucial support level of $3.00 this week. The cryptocurrency briefly experienced an upward trend, trading above $3.00 before a slight correction that brought it down to $2.96. This positive movement aligns with a broader bullish wave sweeping across the cryptocurrency market, which has seen Bitcoin (BTC) approach $113,000 and Ethereum (ETH) inch closer to breaking through the $4,400 resistance level.
In a significant development for digital finance, Ripple has partnered with Spanish bank BBVA to enhance digital asset custody technology. This collaboration will enable BBVA to offer state-of-the-art custody services for digital assets, including Bitcoin and Ethereum, utilizing Ripple Custody—a platform designed for secure and scalable management of tokenized assets. The partnership coincides with the European Union’s introduction of the Market in Crypto-Assets regulation (MiCA) and comes in response to increasing customer interest in digital asset services.
BBVA has recently rolled out its trading and custody services for Bitcoin and Ethereum, targeting retail customers in Spain. The bank aims to simplify access to crypto-assets through a streamlined digital solution available on mobile devices. Gonzalo Rodríguez, head of retail banking at BBVA in Spain, emphasized the goal of making investing in crypto-assets more accessible for users.
Ripple Custody is rapidly gaining traction as a robust institutional-grade solution for digital asset custody, meeting the stringent security, operational, and regulatory standards required across various jurisdictions. Francisco Maroto, head of digital assets at BBVA, expressed confidence in Ripple’s technology, stating that it allows BBVA to deliver a comprehensive custody service to its clients.
From a technical perspective, XRP remains above the 50-day Exponential Moving Average (EMA) at $2.91, following a brief rise beyond the $3.00 resistance mark. The short-term technical outlook for XRP appears bullish, bolstered by a positive signal from the Moving Average Convergence Divergence (MACD) indicator. Traders are now looking for a daily close above the descending trendline on the daily chart to reinforce this bullish sentiment.
The Relative Strength Index (RSI) currently sits at 52, suggesting a neutral demand status for XRP. A continued upward movement could lead to increased buying pressure, pushing the RSI into overbought territory. Conversely, should the RSI dip below the midline, attention may shift toward lower support levels, including the 100-day EMA at $2.78 and the 200-day EMA at $2.53.
