Robinhood Relists Solana, XRP & ADA, Price To Rally?

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Robinhood has relisted Solana (SOL), Cardano (ADA), and Ripple (XRP) on its US platform and added PEPE to its offerings. This move follows significant customer dissatisfaction after the removal of SOL earlier this year when the SEC classified it as a security.
The decision appears driven by customer demand and missed opportunities. Many users sought alternatives to trading these popular coins, leading to potential profits lost for customers and reduced revenue for Robinhood. By expanding its listings, Robinhood aims to regain its competitive edge and address gaps in its cryptocurrency offerings.
However, it seems that this move just helped, already rapid growth of these altcoins prices. XRP jumped over 9%, while SOL grew by stable 1.29%. Pepe on the other hand, recorded enormous 49% rally.

Robinhood Relists SOL, ADA, XRP, and Adds PEPE Amid Customer Demand

As a seasoned crypto investor with over a decade of experience navigating the rollercoaster that is the digital asset market, I find Robinhood’s recent move to relist Solana (SOL), Cardano (ADA), Ripple (XRP), and add PEPE to its US platform as both intriguing and somewhat predictable. The customer-driven approach seems like a logical response to the dissatisfaction that followed the initial removal of these popular coins earlier this year.

Four additional cryptocurrencies – Solana, Pepe (a typo likely meant as Dogecoin), Cardano, and XRP – have been added to Robinhood Crypto’s roster in the U.S., bringing the total count of available digital currencies to 19. This expansion signifies Robinhood’s increased effort to cater to customer demands for a broader selection of cryptos.

Robinhood is planning to reintroduce Solana, Cardano, Ripple, along with a new coin called PEPE on its platform, according to its website.

— Tree News (@News_Of_Alpha) November 13, 2024

According to Johann Kerbrat, Vice President and Head of Robinhood Crypto, this move aligns with the company’s objective of creating a more inclusive financial landscape. Kerbrat highlighted that obstacles to participation are less pronounced in the cryptocurrency market, implying it could be an avenue for those previously shut out from conventional finance avenues.

New listings for SOL and PEPE are being introduced at a time when cryptocurrencies are under closer examination by regulators, following previous regulatory actions this year. Notably, Robinhood had previously removed certain assets from its platform, such as SOL, after the SEC deemed it a security. This new development suggests that Robinhood is attempting to meet market demand while navigating complex regulatory issues.

Robinhood emphasizes that its crypto listing committee consistently checks these digital assets to maintain conformity with the platform’s internal guidelines and regulations. The firm prioritizes a “safety-first” strategy when growing its services, demonstrating their dedication to fulfilling customer demands while upholding top-tier standards within the industry.

To view the entire collection of cryptocurrencies available on the platform, simply navigate to their official site.

XRP, PEPE Price Rally Goes On

The digital currency XRP appears poised for a breakthrough from a robust bullish pennant, signaling the conclusion of its accumulation phase. This bullish configuration has demonstrated strong momentum, hinting at potential substantial price surge. Noteworthy levels to observe include around $0.9650, $1.3510, and $1.9336. As XRP approaches these values, it’s advisable to keep a close eye on the market, as this upward trend might be one for the record books.

PEPE is experiencing a bullish spike with a 61% price increase, breaking above key levels and heading towards new highs after crossing the 0.00001995 threshold.

Expanding Crypto Services in Europe Amid Relisting Push

As an analyst, I’m sharing that recently, Robinhood, a popular retail investing platform, declared their intention to enable European users to manage cryptocurrencies within their application. This move broadens the platform’s offerings in the region, reflecting its strategic aim for international growth.

As a crypto investor, I’m thrilled to learn that Robinhood has announced EU customers can now deposit and withdraw more than 20 digital currencies, such as Bitcoin, Ethereum, Solana, and USD Coin. This move seems like another strategic step in the company’s commitment to catering to European demand for cryptocurrency services, demonstrating their dedication to expanding their offerings in this growing market.

At the close of a tough year for Robinhood’s cryptocurrency ventures, there’s been an announcement. Back in June 2023, the company took down Cardano ADA, Solana SOL, and Polygon MATIC from its platform following SEC classifications of these tokens as securities in legal actions against Binance and Coinbase. Yet, during a recent financial update meeting, CEO Vlad Tenev hinted at certain circumstances that could potentially lead to their reinstatement. This is the first indication of both apprehension and hope fueled by soaring cryptocurrency market trends.

The action demonstrates Robinhood’s attempts to reintroduce its cryptocurrency services, as it navigates a challenging regulatory landscape that is shaped by international market dynamics.

 

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2024-11-13 17:34