Robinhood Good points Tech Infrastructure to Record XRP Ledger-Issued Tokens

XRP News: Commission-free investing firm Robinhood Markets to acquire crypto exchange Bitstamp for $200 million, expanding its push to grow extremely quickly outside the United States. Bitstamp is one of the largest and most popular crypto exchanges in Europe and Asia.

Robinhood said it will bring trusted and reputable institutional business to Robinhood. The acquisition is expected to be completed in the first half of 2025, subject to conditions and regulatory approval.

Robinhood To Work With Ripple

Ripple acquired a stake in crypto exchange Bitstamp from Pantera last year, shocking the industry as it also acquired crypto custody firm Metaco for $250 million. Ripple president Monica Long said the company’s stake acquisition in Bitstamp is a major move to help grow its global presence and go beyond payments.

Robinhood’s acquisition of Bitstamp brings back reminiscence of Ripple’s acquisition of an undisclosed amount of shares in the crypto exchange, said the crypto community. It sparked speculation of Robinhood and Ripple working together on many aspects including listing XRP on Robinhood.

Bitstamp already has several stablecoins already issued on the XRP Ledger. This makes Robinhood indirectly have the tech infrastructure to list XRP Ledger-issued tokens. Tokens are used for cross-currency payments and can be traded in the decentralized exchange.

Also Read: ECB Cuts Rate Signaling Crypto Rally Ahead, US Fed To Follow Suit?

XRP Price Action Amid the News

Ripple CEO Brad Garlinghouse and president Monica Long are confident about an XRP ETF and stablecoin, highlighting XRP as one of the crypto with regulatory clarity.

XRP price trading sideways in the last 24 hours, with the price currently trading at $0.526. The 24-hour low and high are $0.522 and $0.530, respectively. Furthermore, the trading volume has decreased slightly in the last 24 hours. The derivatives market witnessed mixed trading in the last 24 hours, with total XRP futures open interest up over 1%.

XRP army currently awaits a final judgment ruling by Judge Torres in the remedies phase, setting the stage and direction for a verdict in the Ripple vs SEC lawsuit. It will also influence XRP price significantly.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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