The price of XRP registers a dramatic spike of 10% in the weekly chart shortly after popular trading platform Robinhood quietly relisted the coin.
Over the weekend, XRP staged a remarkable rally above $0.59 it edged close to reclaiming the July high around $0.6602. Interestingly, the XRP uptick coincided with reports of Robinhood relisting the coin on its platform.
Robinhood Relists XRP For EU Customers
Despite not issuing an official announcement regarding the development, Robinhood’s updated asset page shows that XRP is now among the trading platform’s supported assets under the name Ripple (XRP).
This description triggered discussions among XRP enthusiasts, with many community members informing the platform that Ripple does not run the coin.
At the moment, XRP is only available to eligible Robinhood customers residing in the European Union. With Robinhood failing to issue an official announcement about the relisting, it is unclear whether the company will extend the support to U.S. customers.
For context, Robinhood first listed XRP on its platform in January 2018. At the time, customers of the zero-commission brokerage platform could create price alerts and check market data for XRP.
The trading platform joined several exchanges to delist XRP shortly after the U.S. SEC charged Ripple with violating securities laws via its sales of XRP. However, the legal challenge surrounding XRP ended after a federal court issued the final judgment in the Ripple lawsuit. This paved the way for XRP’s relisting on Robinhood.
Rumors of XRP Relisting on Robinhood
Moreover, rumors of XRP relisting on Robinhood started making the rounds earlier this year following the company’s acquisition of Bitstamp. The $200 million acquisition is expected to be finalized in 2025.
After completion, Robinhood would serve institutional clients through Bitstamp’s cutting-edge technology while gaining full access to 80 tradable assets available on the exchange, including XRP.
Consequently, Bitstamp’s support of XRP triggered speculations that Robinhood would also support the coin after it finalized the acquisition. With a few months left before 2025, Robinhood has already relisted XRP for its customers in the European Union.
More XRP Support Ahead After Ripple Lawsuit Resolution
The development comes days after Grayscale Investments reintroduced the XRP Trust, a crypto product that gives accredited investors access to XRP. Like Robinhood, Grayscale Investments also terminated the XRP Trust after the SEC filed the Ripple lawsuit.
The top crypto asset manager reintroduced the product one month after Judge Torres issued the final judgment. This suggests that XRP could see more support in the coming weeks due to the resolution of the Ripple lawsuit.
In the meantime, XRP is trading at $0.5736, down 2.51% in the past 24 hours.
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