Robinhood, the popular commission-free trading platform, seems to have quietly added XRP to its list of supported cryptocurrencies, which could enhance the coin’s visibility in the market.
Although Robinhood has not officially confirmed this addition, XRP is now listed on the platform’s updated assets page alongside other major digital currencies.
XRP’s limited availability
With this listing there is an important limitation, as it is currently only available to users in the European Union. U.S missing out now.
Speculation about XRP’s potential listing gained momentum after Robinhood acquired Bitstamp, a crypto exchange that already supports XRP.
After the news many believed that this acquisition would enable Robinhood to offer the token, but the ongoing legal battle between Ripple Labs and the U.S. SEC had been quite an obstacle.
Some of that legal uncertainty was recently resolved when a court ordered Ripple Labs to pay $125 million in fines, which removed some barriers that had kept XRP off major exchanges.
Since then XRP experienced a small, but positive impact on its market performance, with the coin increasing by 1.3% in price over the past 24 hours, now, in the time of writing trading at $0.58.
More support for XRP
This growth makes XRP the only cryptocurrency in the top 10 to show positive growth during this period.
XRP was previously delisted from many U.S. exchanges due to concerns about regulatory compliance after the SEC’s lawsuit.
With the case now settled, there is increasing hope that more platforms, especially in the U.S., will begin to support XRP again.
Although Robinhood’s addition of XRP is limited geographically, it represents a huge step toward expanding the token’s presence in the market.
Legal challenges, business issues
Despite this listing, many users of Robinhood, particularly in the United States, still can’t access XRP.
Even with the SEC lawsuit’s resolution, the overall regulatory environment for cryptocurrencies like XRP remains pretty unclear, which affects listings and trading opportunities.
The addition of XRP to Robinhood, even if currently apply to the EU, means a turning point for the cryptocurrency market. This listing suggesting a possible shift in the wider crypto industry.
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