Just-In: Robinhood Adds XLM To Crypto Transfers, XRP Next

by

As a seasoned crypto investor with over a decade of experience in this dynamic market, I find Robinhood Crypto EU’s decision to add Stellar (XLM) to their crypto transfers an interesting move. Having closely followed the crypto landscape and its trends, I can say that Robinhood’s strategic decisions often reflect broader market sentiments and potential future developments.

On Wednesday, Robinhood Crypto EU announced they will now include Stellar (XLM) in their cryptocurrency transfer services, expanding the range of supported digital currencies within their platform. However, as traders weigh the overall market mood, the price of XLM has slipped by 1%, decreasing by 1% over the past 24 hours. Could this development possibly trigger the addition of XRP in the near future?

Robinhood Crypto Now Supports Stellar (XLM)

In a formal declaration made on October 23, Robinhood Europe‘s cryptocurrency division announced the addition of Stellar Lumens (XLM) to the list of cryptocurrencies that can be transferred within their platform.

Additionally, platform users are enabled to add or remove their Stellar Lumens (XLM) with a 1% deposit incentive. This offer is only valid for a brief period.

Robinhood Crypto now supports $XLM transfers.

Withdraw and Deposit #XLM with a 1% deposit bonus for a limited time.

Terms apply. Download the app: #RobinhoodOnchain

— Robinhood Crypto EU (@RobinhoodCrypto) October 23, 2024

As a financial analyst, I’m excited to share that our platform enables European clients like myself to effortlessly deposit and withdraw more than 25 digital currencies, such as Bitcoin, Ethereum, Solana, and USDC. This service empowers us with control over our investments, ensures the security of our assets, and even provides insurance against potential cryptocurrency-related crimes. On top of these benefits, it offers educational programs to help us make informed decisions in the rapidly evolving crypto market.

This week, the cryptocurrency platform expanded its transfer options to include Solana, as there’s growing excitement about the possible launch of a Solana ETF within the crypto sphere. Similarly, discussions about the potential introduction of an XRP ETF have seen increased chatter. However, it’s important to note that Robinhood has made XRP available for trading, but only for users residing in the EU at this time.

According to a report by CoinGape, the company has decided not to include certain cryptocurrencies in its recently launched crypto transfer feature. These exclude tokens such as Ripple‘s XRP, zkSync (ZK), Wormhole (W), Arbitrum (ARB), Cosmos (ATOM), Polkadot (DOT), EOS, Fantom (FTM), Jupiter (JUP), Near Protocol (NEAR), Optimism (OP), Celestia (TIA), and Toncoin (TON).

Johann Kerbrat, VP and GM of Robinhood Crypto, stated that by introducing crypto transfers in Europe, we’re streamlining the process of self-custody and making it easier for our clients to participate in Decentralized Finance (DeFi).

XLM Price Fails to Rebound

In response to Robinhood’s announcement, there appears to be no immediate reaction from traders. The price of XLM is currently down by 1% over the past 24 hours, and it now stands at $0.09429. Over this period, the lowest and highest prices reached were $0.09434 and $0.09663 respectively. Interestingly, despite the price drop, there’s been a notable surge in trading volume by 17% within the same timeframe, suggesting growing interest among traders.

Conversely, there’s been an increase in buying activity in the derivatives market during the past 24 hours. According to Coinglass data, the total number of XLM futures contracts outstanding rose by more than 3%, reaching 320.31 million with a value of approximately $30.18 million.

Read More

2024-10-23 14:19