Will Robinhood’s Relisting of XRP, SOL, and ADA Trigger a Price Rally?
Robinhood has relisted Solana (SOL), Cardano (ADA), and Ripple (XRP) on its US platform and added PEPE to its offerings. This move follows significant customer dissatisfaction after the removal of SOL earlier this year when the SEC classified it as a security.
The decision appears driven by customer demand and missed opportunities. Many users sought alternatives to trading these popular coins, leading to potential profits lost for customers and reduced revenue for Robinhood. By expanding its listings, Robinhood aims to regain its competitive edge and address gaps in its cryptocurrency offerings.
However, it seems that this move just helped, already rapid growth of these altcoins prices. XRP jumped over 9%, while SOL grew by stable 1.29%. Pepe on the other hand, recorded enormous 49% rally.
Robinhood Relists SOL, ADA, XRP, and Adds PEPE Amid Customer Demand
Solana, Pepe, Cardano, and XRP have been listed on Robinhood Crypto in the United States, bringing the number of cryptocurrencies offered to 19. The move reflects the platform’s growing response to customers asking for more variety in digital assets.
[] Robinhood US Seen Relisting Solana, Cardano And Ripple As Well As Listing PEPE: Robinhood Website
— Tree News (@News_Of_Alpha) November 13, 2024
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, said this decision is in line with the company’s mission of making financial systems more inclusive. Kerbrat noted that barriers to entry are lower in the crypto market, adding that this may be an opportunity for those who have been excluded from more traditional channels of finance.
The additions come amid increased scrutiny over cryptocurrency listings, with regulatory actions earlier this year. Previously, Robinhood had delisted some assets, including SOL, after the SEC classified the token as a security. The return of SOL and the addition of PEPE, amongst other popular assets, signals a move toward accommodating market demand while finding one’s way through regulatory challenges.
Robinhood claimed that its crypto listing committee continuously monitors these assets to ensure compliance with the platform’s internal policies and requirements. The company has underlined its “safety-first approach” in expanding its offering, underlining its commitment to meeting customer expectations while adhering to the best-in-class standards in the industry.
Users can look at the complete list of cryptocurrencies on the platform by visiting the official website.
XRP, PEPE Price Rally Goes On
XRP is on the verge of breaking out from a strong weekly bullish flag, indicating the end of its re-accumulation phase. This bullish pattern has shown solid momentum, setting the stage for significant price growth. Key targets to watch include $0.9650, $1.3510, and $1.9336. As $XRP moves toward these levels, now may be the time to closely monitor the market, as this rally could be one to remember.
PEPE is experiencing a bullish spike with a 61% price increase, breaking above key levels and heading towards new highs after crossing the 0.00001995 threshold.
Expanding Crypto Services in Europe Amid Relisting Push
Robinhood, the retail investing platform, announced last month that it would allow European customers to transfer cryptocurrencies in and out of its app. The decision expands the platform’s product capabilities in the region as it seeks international expansion.
In a blog post, Robinhood said EU customers could deposit and withdraw more than 20 digital currencies, including Bitcoin, Ethereum, Solana, and USD Coin. The move appears to be another bold stroke in the company’s plans to meet European demand for crypto services.
The announcement comes at the end of a challenging year for Robinhood’s crypto operations. In June 2023, the firm delisted Cardano ADA, Solana SOL, and Polygon MATIC after the SEC labeled the three tokens as securities in its lawsuits against Binance and Coinbase. However, during its recent earnings call, CEO Vlad Tenev discussed some conditions that might make way for their relisting, which was the first sign of caution yet optimism driven by rising cryptocurrency prices.
The move reflects Robinhood’s efforts to revive its crypto offerings amidst a hostile regulatory environment influenced by global market forces.
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