The XRP community has been excited over the recent re-listing of XRP as a tradable asset on the Robinhood investment platform. Recall that Robinhood distanced itself from the crypto asset over a year ago amid the Ripple vs SEC battle before the regulatory clarity of the asset was declared. Even though other top exchanges like Coinbase and Kraken re-listed the coin following a partial victory in 2023, Robinhood remained persistent in supporting XRP.
However, all that has changed as the popular exchange platform has added the Ripple-backed coin to its list of tradeable assets. This comes on the heels of the official conclusion of the court battle between the blockchain giant Ripple and the Securities and Exchange Commission.
XRP Re-Appears on the Robinhood Website
Even though the company has not officially announced the update, users quickly noticed an inclusion in the website’s ‘About‘ page. The page has a list of supported cryptocurrencies that users can trade on the platform including Aave (AAVE), Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), Polygon (POL), SHIB, PEPE, now including XRP, and others.
Looks like Robinhood just listed #XRP !@RobinhoodApp please make the following change:XRP Ledger (XRP), instead of Ripple (XRP).Ripple is the company, not the network pic.twitter.com/rbbMNCthLB
— Vet (@Vet_X0) September 14, 2024
This update has created excitement and ignited optimism among investors who now eye possible new price levels since their beloved coin will be exposed to an even larger audience who will be confident in investing following its new legal clarity.
However, the platform also noted on its updated page that the cryptocurrency services are only available to users in the European Union. “Cryptocurrency services are offered for eligible EU customers through an account with Robinhood Europe, UAB,” it says.
Meanwhile, there had been expectations for Robinhood to list XRP, especially following its acquisition of the Bitstamp exchange. Bitstamp supports XRP trading and has been one of the major destinations of significant XRP dumps since the beginning of the year. However, the prolonged legal tussle between Ripple and the SEC became a hindrance for an earlier listing, but all that has now passed as Ripple is expected to pay the $125 million civil penalty imposed by Judge Torres for violating securities laws.
Will XRP Rally to New Levels?
Following the re-listing, the price of XRP spiked by almost 4% to reach $0.596 but has since retracted and shed some of its gains. At the time of writing, the price of XRP is down 2.58% to change hands at $0.5724. XRP has now created new support at $0.5734.
A break below this level could trigger a downward momentum to the $0.562 level, however, if the price goes above $0.5961, we could see a possible rally to the $0.61 zone. Notably, the 50-day EMA is at $0.5621, and its Relative Strength Index (RSI) has declined to 60.16, indicating a halt in the bullish momentum.
Meanwhile, the recent re-listing of XRP on the Robinhood exchange could trigger other platforms that removed XRP because of the court case to include it as a tradable asset since the coast is now clear.
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