Robinhood Crypto Adds XLM to Supported Crypto

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.

European users of the popular trading platform Robinhood can now deposit and withdraw Stellar Lumens (XLM) on the Robinhood app, according to a recent announcement from the European arm of Robinhood Crypto. This development marks a significant step for both Robinhood and XLM, as the increased flexibility in handling the coin is expected to have a positive impact on their respective ecosystems.

The integration of XLM into Robinhood's crypto transfer service has garnered attention in the market, particularly with regard to the possibility of XRP being added to the platform.

Robinhood Adds Support for XLM Transfer to Stellar Lumens (XLM)

On Wednesday, October 23, Robinhood announced the addition of XLM support to its official X account. Users can now withdraw and deposit XLM on the app and receive a 1% deposit bonus for a limited period of time.

“$XLM transfers are now supported on Robinhood Crypto. 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”

The integration of crypto transfers on Robinhood provides users with greater flexibility and control over their digital assets. Notably, over 25 cryptocurrencies are already supported by Robinhood Crypto EU, including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Solana (SOL).

Earlier this week, Solana was added to the list of cryptocurrencies supported for transfer on the Robinhood platform. This integration comes amidst strong speculation regarding a spot Solana Exchange-Traded Fund (ETF).

As reported previously by CNF, Robinhood had earlier rolled out Solana staking to EU customers. This service offers an Annual Percentage Yield (APY) and competes with major platforms such as Coinbase and Phantom.

Furthermore, there has been speculation about Robinhood adding XRP to its crypto transfers, especially in light of a potential XRP ETF launch. Many believe that a potential XRP relisting on Robinhood would be a significant vote of confidence in the digital asset's future.

As reported earlier by CNF, XRP is currently listed on the trading platform by Robinhood, but only for EU users. This move has provided over 23 million Robinhood users with the ability to trade XRP, increasing the visibility and accessibility of the coin.

It is worth noting that when Robinhood launched its crypto transfer feature earlier this month, several digital assets were excluded. These include XRP, Wormhole (W), Arbitrum (ARB), Polkadot (DOT), Fantom (FTM), Jupiter (JUP), Optimism (OP), Celestia (TIA), Toncoin (TON), and others.

Minimal Price Impact on XLM, XRP Prices as New Listings Fail to Boost Coins

Historically, new cryptocurrency listings on major platforms such as Robinhood or exchanges have tended to drive prices up due to increased visibility and investor access. However, XLM's price has not responded favorably to the Robinhood announcement.

At the time of writing, XLM's price had decreased by 1.58% over the past 24 hours, trading at $0.09422.

“Stellar Lumens (XLM) Price Analysis October 24: XLM Price to Drop Further as Key Support Breaks”

Despite the minimal price increase, the 24-hour trading volume increased by 24%, reaching $54.5 million, which suggests sustained buying interest among investors. Furthermore, 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 related development, XRP also experienced a minor decline amid rumors of its potential listing on Robinhood. Within the last 24 hours, XRP's price decreased by 1.26%, reaching $0.5266, while the trading volume decreased by 17.96% to $917.7 million.