The price of XRP surged 10% last week, a dramatic jump on the weekly chart. The spike followed reports that Robinhood had quietly relisted the cryptocurrency to European Union clients. XRP briefly rose above $0.59, approaching its July high of $0.6602. The timing of this price surge coincided with the relisting, sparking excitement within the community.
Robin Hood Resurrect XRP was launched without any official announcement. However, users noticed that the asset pages of trading platforms were updated and XRP was listed under the name Ripple (XRP). This sparked debate among enthusiasts, with many reminding Robinhood that Ripple does not directly manage the coin. Currently, the relisting only applies to eligible customers in the European Union, leaving US users uncertain whether the token will return to their US trading accounts.
For background, Robinhood first listed Ripple in January 2018. The platform allows users to create price alerts and access market data. However, Robinhood, along with other exchanges, delisted the token following a lawsuit filed against Ripple by the U.S. Securities and Exchange Commission in 2020. The legal battle revolved around allegations that Ripple violated securities laws through its token sale. The lawsuit was concluded earlier this year, paving the way for the token to return to platforms like Robinhood.
Rumors of XRP relisting
Interestingly, rumors that the token could potentially be relisted on Robinhood began circulating earlier this year when the company acquired Bitstamp for $200 million, with Bitstamp’s endorsement of the token fueling speculation that Robinhood would soon follow suit.
Following these developments, Ripple tokens continue to gain momentum: Grayscale Investments recently reintroduced a token trust after a lengthy hiatus due to SEC litigation, and the product allows accredited investors access to XRP, signaling growing institutional support.
The token is trading at $0.5736, down 2.51% over the past 24 hours. Despite this slight drop, the coin’s weekly performance suggests that more positive movement may be coming up as the resolution of Ripple’s lawsuit gains renewed attention.
