XRP Rally Gains Momentum with 10% Spike Following Robinhood’s Relisting

XRP saw a significant price jump after Robinhood quietly relisted the cryptocurrency on its platform. Robinhood recently relisted XRP, allowing European customers to trade the cryptocurrency on its platforms.

Although Robinhood made no formal announcement, the relisting triggered excitement among XRP supporters. As a result, XRP's price surged 10% over the weekend, reaching above $0.59.

XRP Price Spikes Following Relisting

Robinhood's decision to relist XRP created a buzz among the crypto community.The trading platform had previously delisted the token due to Ripple's legal issues with the U.S. Securities and Exchange Commission (SEC).

Over the weekend, XRP reached as high as $0.59, approaching its July high of $0.6602. The relisting was the key driver of this price movement.

Robinhood's updated asset page now lists XRP among supported cryptocurrencies for European Union customers. However, Robinhood has not announced if this support will extend to U.S. customers.

XRP's presence on the platform follows the court's ruling in Ripple's favor in its case against the SEC.

Many XRP community members quickly noticed the relisting, but some were confused about the token's label, Ripple (XRP)." This label led to discussions, as Ripple, the company, is not the sole entity behind XRP.

Despite these minor confusions, the relisting was generally seen as a positive development for XRP holders and investors.

Robinhood's History with XRP and Future Prospects

Robinhood first listed XRP in January 2018, allowing customers to track its price and access market data. However, the exchange removed the token when the SEC filed charges against Ripple, accusing the company of selling unregistered securities.

The platform's decision to quietly relist XRP coincides with rumors that had surfaced earlier in the year. The rumors gained traction when Robinhood acquired Bitstamp for $200 million, with the deal expected to finalize in 2025.

The acquisition of Bitstamp, which has long supported XRP, fueled speculation that Robinhood might follow suit.

The relisting of XRP on Robinhood has also revived speculation that the token may receive even broader support on other platforms. With Robinhood now supporting XRP for European users, the question remains whether U.S. customers will get the same access.

Increased XRP Support Following Ripple Lawsuit

XRP's relisting on Robinhood isn't the only positive news for the token. Just days after the relisting, Grayscale Investments reintroduced its XRP Trust.

This trust allows accredited investors to gain exposure to XRP without holding the token directly.

Like Robinhood, Grayscale halted XRP trading when Ripple's legal troubles began, but it decided to revive the product following the court's favorable ruling. These moves by major players like Robinhood and Grayscale signal a broader wave of support for XRP.

Many in the crypto space believe that XRP will see further positive price action, especially as its legal challenges fade into the background.

Currently, XRP is trading at $0.5736, down 2.51% over the past 24 hours. However, the recent relisting and growing support point to potential growth soon.

An analysis of the daily chart suggests the next potential target is around $0.599. A break above this level will likely confirm the bullish sentiment in the market.

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