XRP Relisted on Robinhood: A New Chapter Post-SEC Lawsuit

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XRP is making headlines again after breaking past the $0.5900 mark and nearing its July 2024 high of $0.6602. Robinhood has re-listed XRP on its commission-free platform, sparking optimism in the crypto community. Ripple’s legal battle with the SEC has officially concluded, clearing the path for XRP’s return to Robinhood’s lineup.

Is this a Tactical Move by Robinhood?

Robinhood’s crypto arm has quietly updated its supported assets to include XRP, alongside Bitcoin, Ethereum, and Shiba Inu. However, the platform hasn’t made an official announcement, leaving users to discover this update on the help page. Currently, only EU-based customers can trade XRP, while U.S. users remain in anticipation of a potential update.

Although trading isn’t fully enabled, Robinhood users can now access XRP’s price chart, which has excited the XRP community. This update could lead to broader market access and increased trading activity, giving hope to both investors and enthusiasts.

Speculation about XRP’s relisting had been circulating, especially after Robinhood’s acquisition of Bitstamp, which supports XRP trading. The lengthy Ripple vs. SEC lawsuit, which had blocked such moves, has now been resolved. Ripple has agreed to pay $125 million in fines, allowing the case to conclude without an SEC appeal.

More Relistings on the Way?

With Ripple’s legal hurdles behind it, the regulatory clarity makes XRP more attractive for exchanges and investors. Robinhood’s move may push other platforms to relist XRP as well. XRP’s value has already risen by 3.75%, trading at $0.5898, and it is outperforming other top 10 cryptocurrencies.

Adding to the momentum, Grayscale recently launched the first XRP Trust, further boosting confidence in the coin. With the possibility of a spot ETF and increased adoption, XRP’s outlook appears strong post-legal victory.

Currently, XRP is trading at $0.5820 after a high of $0.5961. Support levels at $0.5734 and the 50-day EMA at $0.5621 could prevent further declines. The Relative Strength Index (RSI) has dropped to 60.16, suggesting a potential slowdown in bullish activity.