⭐️ XRP’s Robinhood Debut Propels It to $0.75 Year to Date High
Ripple’s XRP has witnessed a significant price surge following its Wednesday listing on the popular trading platform Robinhood.
This has propelled the XRP token price to a new year-to-date high of $0.75, and it now appears poised to hit new highs before the end of the year. Here is why.
🔸 Ripple Rallies, Thanks To Robinhood
Robinhood’s crypto division expanded its offerings on Wednesday, adding support for XRP and several other altcoins. For example, the platform also relisted Solana (SOL) and Cardano (ADA) for US customers, reversing last year’s regulatory-driven delistings.
This listing fueled buyer demand for XRP, pushing its price to a new year-to-date high of $0.75 during the intraday trading session. Although it has since corrected by 7%, the bullish bias toward the altcoin remains significant. At press time, XRP trades at $0.70.
At its current price, XRP trades above its Ichimoku Cloud. BeInCrypto’s analysis of the XRP/USD one-day chart shows this could be the first sustained rally above the cloud in over a month.
The Cloud is an indicator that tracks the momentum of an asset’s trends and identifies potential support/resistance levels. When an asset’s price stays above the cloud, it signals a strong bullish trend, indicating that buyers dominate and market sentiment is positive.
Moreover, traders typically confirm the trend by looking at the Conversion Line (blue) and Base Line (red). If both are above the cloud and moving upward, it reinforces the bullish outlook. As of this writing, this is the case with XRP, confirming the market’s uptrend.
Further, XRP’s rising Chaikin Money Flow (CMF) indicates the strengthening demand for the altcoin. At press time, this stands at 0.28.
This indicator measures money flows into and out of an asset. When its value is above zero, buying pressure outweighs selling activity among market participants.