Robinhood Re-Lists XRP: Key Price Levels & Market Analysis

XRP is back in the spotlight, surging past $0.5900 and setting its sights on July 2024’s high of $0.6602. The catalyst? Robinhood has re-listed XRP on its commission-free trading platform, reigniting optimism in the crypto community following the resolution of Ripple’s legal battle with the SEC.

But this is just the beginning. There’s more to this story than meets the eye. Curious to know what’s driving XRP’s resurgence? Keep reading.

Robinhood’s Quiet XRP Comeback

In a subtle move, Robinhood’s crypto arm added XRP to its supported assets alongside Bitcoin, Ethereum, and Shiba Inu. Interestingly, the platform made no official announcement, leaving the discovery to users who spotted the change on its help page. The twist? Currently, only European Union customers can trade XRP, while U.S. users are left waiting for further updates.

Although trading is restricted for now, Robinhood users can access XRP’s price chart—a feature generating excitement within the XRP community. This visibility hints at broader market access and increased trading activity on the horizon, fueling hope among investors and fans alike.

Bitstamp Acquisition Fuels Buzz

Speculation around XRP’s return to Robinhood had been mounting, especially after the brokerage acquired Bitstamp, a platform that supports XRP trading. Ripple’s lengthy legal battle with the SEC had been the main obstacle. Now, with Ripple agreeing to a $125 million fine to settle the case, that hurdle is finally cleared—without the SEC appealing the decision.

Ripple’s newly achieved regulatory clarity is making XRP more attractive to both exchanges and investors. Robinhood’s move could inspire other platforms to follow suit, particularly as XRP has risen by 3.75%, trading at $0.5898—outpacing other top 10 cryptocurrencies.

Is a Spot ETF on the Horizon?

In another boost for XRP, Grayscale has launched the first XRP Trust, further strengthening confidence in the coin’s future. With the increasing likelihood of a potential spot ETF, Ripple is emerging stronger from its legal challenges, and the growing support for XRP suggests a promising road ahead.

XRP Price Analysis: Key Levels to Watch

Currently experiencing a slight pullback, XRP is trading at $0.5820 after reaching a high of $0.5961. Support at $0.5734 and the 50-day EMA at $0.5621 could help prevent further declines.

Meanwhile, the Relative Strength Index (RSI) has eased from overbought levels to 60.16, indicating a possible slowdown in bullish momentum. Traders should watch for a break below $0.5734, which could lead to a retest of $0.5621. Conversely, a push above $0.5961 might see XRP aim for $0.6135.

Will XRP reach new heights in the coming months? Tell us your bets.