XRP Soars 9% as Robinhood Relists Ripple for US Customers – Is $2 Next for Ripple?

Cryptocurrency XRP

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

November 14, 2024

Robinhood Crypto has reintroduced three major altcoins—XRP, Solana (SOL), and Cardano (ADA)—to its U.S. trading platform, as announced in a press release on Wednesday. This decision to relist these assets follows strong customer demand and aims to expand the platform’s investment choices.

Johann Kerbrat, Robinhood Crypto’s Vice President and General Manager, highlighted customer demand as the motivation behind these additions.

“We’ve consistently heard from our customers that they want access to more digital assets, and we’re pleased to continue broadening our crypto offering,” Kerbrat said. “With easier access, we believe crypto offers opportunities for those who have been underserved by the traditional financial system.”

This relisting marks an important step for Robinhood, which has aimed to make cryptocurrency investing more accessible. Earlier this year, the company introduced Bitcoin ETF trading, extending this option to its 23 million U.S. users and further diversifying its financial products.

XRP’s Road to Recovery After SEC-Driven Delisting

Robinhood’s relisting of XRP is particularly noteworthy given the asset’s tumultuous history with regulatory challenges. XRP was initially delisted from multiple exchanges, including Robinhood, after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in 2020, alleging XRP was an unregistered security.

However, in September 2024, Robinhood quietly reinstated XRP for its European Union customers, though the move went largely unpublicized.

In June 2023, Robinhood also delisted SOL, ADA, and Polygon (MATIC) after the SEC classified these assets as unregistered securities in lawsuits targeting Binance and Coinbase. This recent relisting in the U.S. signifies a renewed confidence in XRP and other major altcoins, as regulatory clarity around these assets continues to evolve.

XRP Price Prediction: Ascending Triangle Pattern to Drive Uptrend

XRP is currently trading at $0.7262 with a 24-hour volume of $6.23 billion, marking a 3.52% gain. The token holds a market cap of around $41.3 billion, securing its position as the seventh-largest cryptocurrency by market value.

• Resistance Levels: XRP faces immediate resistance at $0.7424. A break above this level could push it towards the next resistance point around $0.77.
• Support Levels: Initial support lies at $0.7058, with further reinforcement from the 50-day EMA at $0.6855, supporting the ongoing bullish trend.
• RSI: The Relative Strength Index (RSI) stands at 62.96, indicating a moderately bullish sentiment but nearing overbought territory. This level suggests potential profit-taking, though continued buying interest may support further gains.

A sustained break above $0.7424 could signal more upside, with a target possibly extending towards the $0.80 mark. However, traders should remain cautious of pullbacks, particularly if the RSI crosses into overbought territory.

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