The XRP community is ecstatic about what appears to be a coin listing by Robinhood Markets Inc. While the brokerage’s crypto arm did not officially announce it, the firm has updated its supported assets page to include the coin. Despite the big news this represents, there is a major catch the community needs to note.

XRP on Robinhood, the Perfect Boost?

One major catch associated with the coin’s listing on the commission-free brokerage is the region that has access to it. In its updated help center page, the firm said the coin is only available to its customers in the European Union.

Alongside digital currencies like Aave, Shiba Inu (SHIB), Bitcoin (BTC) and Ethereum (ETH), Robinhood now supports XRP as well. The community has erupted with this update as it means more market makers for the digital currency.

Many started speculating the potential Robinhood listing following the acquisition of Bitstamp earlier this year. As a platform that support XRP, the odds were considered high. However, the legal tussle between Ripple Labs and the United States Securities and Exchange Commission (SEC) marked a major roadblock.

The coasts became clear following a ruling that mandated Ripple to pay $125 million in fines. This payment brought and end to the Ripple versus SEC lawsuit, provided the commission did not appeal as many are speculating.

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.

With the suit now over, there is a huge expectation that more platforms will be supporting the coin moving forward. With the Robinhood listing, however, XRP now have a regulated source to gain exposure to the asset.

Notably, this update is coming at a time when Grayscale launched the first XRP Trust. With this product, the prospects of a spot ETF for the coin has now increased.

Read More: Ripple Case Over; Will XRP Price Hit $4?

The post Robinhood Relists XRP Sparking Optimism, But There’s a Twist appeared first on CoinGape.

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Filed under: News - @ September 14, 2024 7:23 pm