XRP Nears Record High After Reclaiming $3.00 Support
Ripple’s XRP showed a mild rise on Tuesday. It briefly traded above $3.00 before dropping slightly to $2.96. This rise follows a positive trend in the wider cryptocurrency market. Bitcoin (BTC) briefly passed $113,000, while Ethereum (ETH) moved closer to breaking $4,400 resistance.
Ripple Partners with BBVA for Digital Asset Custody
Ripple has partnered with Spanish bank BBVA to offer digital asset custody services. BBVA will use Ripple Custody technology to provide secure storage for tokenized assets. This includes popular cryptocurrencies like Bitcoin and Ethereum.
The partnership comes after the EU introduced the Market in Crypto-Assets (MiCA) regulation. BBVA recently launched Bitcoin and Ethereum trading and custody services for retail customers in Spain. These services allow customers to access crypto trading and custody in one platform.
Gonzalo Rodríguez, head of retail banking at BBVA Spain, said, “We want to make it easier for our retail customers in Spain to invest in crypto-assets, through a simple and easy-to-access digital solution on their cell phone.”
Francisco Maroto, head of digital assets at BBVA, added, “Ripple’s custody solution allows us to leverage proven and trusted technology that meets the highest security and operational standards, allowing BBVA to directly provide an end-to-end custody service to its customers.”
Technical Outlook: XRP Poised for Breakout
XRP is holding above its 50-day Exponential Moving Average (EMA) at $2.91. It briefly moved above the $3.00 resistance level. The short-term technical signals are bullish. The Moving Average Convergence Divergence (MACD) indicator gave a buy signal on Monday.
Traders expect XRP to close above the descending trendline on the daily chart. This would confirm its bullish trend. The Relative Strength Index (RSI) is stable at 52, showing neutral demand. If the RSI rises toward overbought levels, buying pressure could increase.
If the RSI falls below the midline, XRP might drop to support levels at the 100-day EMA ($2.78) or the 200-day EMA ($2.53).
