- In line with earlier moves, Robinhood Crypto has initiated transfers for XLM.
- This move has fueled speculation of a related XRP transfer provision.
The European arm of Robinhood Crypto has introduced transfers for Stellar’s XLM. As a result, EU users can now deposit and withdraw XLM on the Robinhood app. This is an important move for Robinhood and XLM, as the flexibility in handling the coin can benefit both ecosystems.
Robinhood’s XLM addition to its crypto transfer has generated market interest, particularly regarding a possible XRP integration.
Robinhood Adds XLM to Supported Crypto
Robinhood announced support for XLM on its official X account on Wednesday, October 23. Users can withdraw and deposit their XLM on the app for a 1% deposit bonus. However, the bonus is available for a limited time.
Robinhood Crypto now supports $XLM transfers.
Withdraw and Deposit #XLM with a 1% deposit bonus for a limited time.
Terms apply. Download the app: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/sONd3LIhuY
— Robinhood Crypto EU (@RobinhoodCrypto) October 23, 2024
Crypto transfers on Robinhood give users greater flexibility and control over their digital assets. Notably, Robinhood Crypto EU already supports over 25 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Solana (SOL).
Earlier in the week, Robinhood added crypto transfer support for Solana. This integration comes amid heightened speculations of a spot Solana Exchange-Traded Fund (ETF).
Meanwhile, Robinhood had previously introduced Solana staking to EU customers, as CNF reported. This service offers an Annual Percentage Yield (APY) and competes with major platforms like Coinbase and Phantom.
A potential XRP ETF launch has also increased speculations about Robinhood adding XRP to crypto transfers. Many consider a potential XRP relisting on Robinhood a major vote of confidence in the digital asset’s future.
As previously reported by CNF, Robinhood has listed XRP on the trading platform but only for EU users. This move allowed over 23 million Robinhood users to trade XRP, increasing the coin’s visibility and accessibility.
Robinhood launched the crypto transfer feature earlier this month but excluded several digital assets. These include XRP, Wormhole (W), Arbitrum (ARB), Polkadot (DOT), Fantom (FTM), Jupiter (JUP), Optimism (OP), Celestia (TIA), Toncoin (TON), and others.
Price Response from XLM and XRP
Listing new cryptocurrencies on platforms like Robinhood or exchanges has historically raised prices upwards due to increased visibility and investor access. However, XLM’s price has not responded positively to the Robinhood announcement.
As of this writing, XLM’s price was down 1.58% in the past 24 hours to $0.09422.
The 24-hour trading volume, however, increased 24% to $54.5 million, indicating sustained investors’ interest. Additionally, the derivatives market experienced positive buying momentum in the last 24 hours. According to CoinGlass data, total XLM futures Open Interest (OI) jumped over 3% to 320.31 million, valued at $30.07 million.
In a similar move, XRP experienced a minor decline amid rumors of its potential listing on Robinhood. Within the last 24 hours, XRP’s price decreased by 1.26% to $0.5266, and the trading volume decreased by 17.96% to $917.7 million.
