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The cryptocurrency market is seeing some volatility, with XRP, the fifth largest digital currency by market capitalization, dropping to $0.591 today. This drop follows speculative discussions on the X platform, sparked by a user post suggesting a potential listing of XRP in the first quarter of 2024 by Robinhood (NASDAQ:). However, despite tracking its performance, Robinhood has not confirmed plans to support XRP trading, remaining cautious due to ongoing regulatory review.
This further drop in the value of
Earlier this year, in June, Robinhood delisted several cryptocurrencies from its platform, including SOL, MATIC and ADA, following risk assessments by the United States Securities and Exchange Commission (SEC). The exchange’s current hesitation appears to be influenced by the regulatory landscape and past actions of the SEC.
Adding to the caution is the unresolved legal battle between the SEC and Labs, the company behind XRP. Although a July 13 decision declared that XRP was not a security, the litigation is still ongoing and appeal proceedings have not yet been concluded. This leaves room for possible SEC appeals that could impact future listings and trading functions of XRP on platforms such as Robinhood.
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