The cryptocurrency market is witnessing volatility as XRP, the fifth-largest digital currency by market capitalization, experienced a downturn to $0.591 today. The drop followed speculative discussions on the X platform, sparked by a user post suggesting a potential Q1 2024 listing of XRP by Robinhood (NASDAQ:HOOD). However, despite tracking its performance, Robinhood has not confirmed any plans to support XRP trading, maintaining caution due to ongoing regulatory scrutiny.
This latest dip in XRP's value comes in the wake of a broader crypto market downturn on Tuesday, with Bitcoin's sharp decline affecting the valuation of various digital assets.
Earlier this year in June, Robinhood had removed several cryptocurrencies from its platform, including SOL, MATIC, and ADA, following risk assessments by the U.S. Securities and Exchange Commission (SEC). The trading platform's current hesitation appears to be influenced by the regulatory landscape and past SEC actions.
Adding to the caution is the unresolved legal battle between the SEC and Ripple Labs, the company behind XRP. Although a July 13 ruling stated that XRP is not a security, the litigation remains ongoing with remedies proceedings yet to be concluded. This leaves room for potential SEC appeals which could impact future listings and trading features for XRP on platforms like Robinhood.
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