Robinhood Relists XRP, Driving Explosive 10% Spike in Value
The price of XRP soared 10% in the past week, marking a dramatic spike on the weekly chart. This surge followed reports that Robinhood quietly relisted the cryptocurrency for European Union customers. XRP briefly rallied above $0.59, coming close to its July high of $0.6602. The timing of this price jump, coinciding with the relisting, stirred excitement within the community.
Robinhoods move to reinstate XRP came without an official announcement. However, users noticed the update on the trading platforms asset page, showing XRP listed under the name Ripple (XRP). This sparked conversations among enthusiasts, with many reminding Robinhood that Ripple does not directly control the coin. Currently, the relisting only applies to eligible customers in the European Union, leaving U.S. users uncertain if the token will return to American trading accounts.
For context, Robinhood originally listed Ripple in January 2018. The platform allowed users to create price alerts and access market data. But Robinhood, along with other exchanges, delisted the token following the U.S. SECs lawsuit against Ripple in 2020. The legal dispute centered on allegations that Ripple violated securities laws through token sales. The lawsuit concluded earlier this year, clearing the way for the tokens return to platforms like Robinhood.
XRP Relisting Rumors
Interestingly, rumors about the tokens potential relisting on Robinhood began circulating earlier this year after the company acquired Bitstamp for $200 million. Bitstamps support for the token fueled speculation that Robinhood would soon follow suit.
In the wake of these developments, Ripple token continues to gain momentum. Grayscale Investments recently reintroduced its token Trust after a long hiatus due to the SEC lawsuit. The product allows accredited investors access to XRP, signaling growing institutional support.
The token is trading at $0.5736, down 2.51% over the past 24 hours. Despite this slight dip, the coins weekly performance suggests that more positive movement could be ahead as the Ripple lawsuits resolution attracts renewed interest.
Read more: https://www.tronweekly.com/robinhood-relist-xrp-driving-10-spike-in-value/
Text source: TronWeekly
