As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous ups and downs, market booms, and busts. The recent development surrounding XRP on Robinhood is indeed a significant event that could potentially boost the coin’s visibility and trading volumes. However, it’s important to note the regional limitations associated with this listing.
The XRP enthusiasts are thrilled about what seems like an upcoming listing of their coin on Robinhood Markets Inc., although the company’s crypto division hasn’t made an official statement yet. However, they have updated their list of supported assets, including XRP. It’s essential to note that while this is significant news, there’s a big condition that the community should be aware of.
XRP on Robinhood, the Perfect Boost?
A significant restriction when the coin gets listed on a commission-free trading platform is the geographical area where it can be traded. The company clarified in their revised support page that this cryptocurrency is accessible only to their clients residing within the European Union.
In addition to digital assets such as Aave, Shiba Inu (SHIB), Bitcoin (BTC), and Ethereum (ETH), Robinhood has also started supporting Ripple (XRP). This announcement has sparked excitement within the community because it means an increase in market participants for this digital currency.
After acquiring Bitstamp earlier in the year, there was much discussion about whether Robinhood might list soon. Given its support for XRP, many believed the chances were good. Yet, the ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has emerged as a significant obstacle.
After a court decision requiring Ripple to pay a fine of $125 million, the outcome of the Rippe vs. SEC legal dispute was settled (unless the commission chooses to appeal, as some believe they might). The payment marked the resolution of this long-standing lawsuit.
The regulatory clarity backing the coin has now made it an attractive asset for exchanges and businesses. This news has weighed positively on the price of XRP. At the time of writing, the coin was changing hands for $0.5898, with a 3.75% in 24 hours. The coin is currently the only one with a positive growth among the top 10 coins.
More Support Ahead?
The Ripple and SEC legal battle spanned for close to 4 years. During this time, many exchanges delisted the coin in order not to get caught in the crosshairs.
Following the conclusion of the lawsuit, there’s a significant anticipation that various platforms might adopt the cryptocurrency in the future. The listing on Robinhood, on the other hand, provides a legally compliant avenue for people to invest in XRP directly.
Significantly, this latest development coincides with the introduction of Grayscale’s first XRP Trust. This new product brings potential closer to the launch of a spot Exchange-Traded Fund (ETF) for XRP.
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2024-09-14 22:33