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On 2 January 2018, Ricardo was appointed head coach of Spanish Segunda División B side Racing de Ferrol. On 13 June 2019, he was named manager of former club Valladolid's under-19s.

Ricardo came out of retirement in January 2013 to rejoin Osasuna as an emergency signing, after backup goalkeeper Asier Riesgo suffered a foot injury. At 41, he was the second-oldest player in the history of the Spanish top flight, surpassed only by 48-year-old Harry Lowe of Real Sociedad in 1935.

Recommended by head coach Juan Carlos Garrido, Ricardo joined Belgium's Club Brugge KV in June 2013 as a goalkeeping coach. Near the end of October, a player licence was sought out for him as both the second and third goalkeeper were unavailable due to injury; over three years and starting in July 2014, he worked in the same capacity with the Japanese national team and Arsenal's academy in that Asian country.

Ricardo regained his first-choice status in the following top division campaigns, rarely missing a game for Osasuna even though he was approaching his 40s. In the 2011–12 season, however, still under manager José Luis Mendilibar, he was demoted to as low as third-choice.

Ricardo was eventually released by the club on a free transfer, at the end of 2004–05. Subsequently, he signed for CA Osasuna on a two-year deal, becoming the Navarrese side's automatic first-choice and making over 100 league appearances in his first three seasons; he also helped them reach the semi-finals of the UEFA Cup in his second year by making 12 appearances, but lost his job midway through 2008–09 to newly signed Roberto.

On 23 August 2003, Ricardo agreed to a loan transfer to Racing de Santander for 2003–04 season – the deal included an option to make transfer permanent the following June. On his return to Spain, Ricardo was quoted in the Spanish sports daily AS as saying:

Ricardo won two international caps for Spain, and was part of the squad for the 2002 World Cup.

On 30 August 2002, Ricardo joined English club Manchester United in a three-year deal worth £1.5 million. Signed to provide cover for the injured Fabien Barthez and the inexperienced Roy Carroll, he found first-team opportunities rare, appearing in just four UEFA Champions League matches, in which he conceded two penalties for fouling the opposition. Both were converted. He marked his only appearance in the Premier League, against Blackburn Rovers on 19 April 2003, by conceding another penalty after he fouled Andy Cole. However, his first touch was to save David Dunn's attempt in an eventual 3–1 win.

Subsequently, Ricardo was transferred to Real Valladolid, also in La Liga. He spent four years at the club, becoming first-choice in the 2001–02 campaign (all 38 matches played) while also being selected as a member of the Spanish squad for the 2002 World Cup, though he did not play in the finals.

Ricardo played twice for Spain, his debut coming on 14 November 2001 in a friendly with Mexico. In a testimonial match for Ferenc Puskás the following summer, during a 1–1 draw against Hungary in Budapest, he received his second and final cap; in both cases, he came on as a substitute for Iker Casillas.

Born in Madrid, Ricardo began his professional career at Atlético Madrid, working his way through the reserves and going on to represent the senior squad until 1998. Barred by José Francisco Molina, he only managed one first-team appearance which came during the 1996–97 season, in a 3–2 away win against Real Zaragoza on 2 June 1997.

Ricardo López Felipe (born 30 December 1971), known simply as Ricardo, is a Spanish retired footballer who played as a goalkeeper, and the manager of Real Valladolid's under-19 team.