SYRUP and XCN launched on Robinhood: spot trading analysis

TL;DR

On December 11, 2025, Robinhood announced the listing of SYRUP and XCN spot trading. SYRUP (Maple Finance governance token) saw a 24-hour trading volume of $29.8M, with its price rising 2.6% to $0.2785; XCN (Onyx Protocol token) saw a trading volume of $24.3M, with its price surging 16.8% to $0.006114. On-chain data showed that over 90 million SYRUP were transferred in the 48 hours prior to the listing, and futures open interest surged by 13.61% to 36.39%, indicating a strong market reaction to the listing.

Listing status

Robinhood products are now available for immediate purchase.

Listing Announcement : CoinNess reported on December 11, 2025 at 13:24 UTC that Robinhood announced the listing of SYRUP and XCN spot trading. (coinnews)

Token Identity :

• SYRUP : Maple Finance governance, lending, RWA, and staking tokens, Ethereum contract address 0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66
• XCN : Onyxcoin (Onyx Protocol's native ERC-20 token), used for governance, staking, and ecosystem services. Ethereum contract address: 0xa2cd3d43c775978a96bdbf12d733d5a1ed94fb18

Listing verification status : SYRUP/XCN is not listed on Robinhood's official cryptocurrency support page or its 2025 Crypto Report (released December 8th); only new assets such as BNB, HYPE, and SUI are shown. Bitstamp (owned by Robinhood) listed SYRUP for trading in the US on November 14th, but did not mention XCN.

Market performance

Price vs. Trading Volume

SYRUP price trend

• 48-hour increase : From $0.2662 on December 9th to $0.2785 on December 11th, a cumulative increase of 4.6%.
• The period of unusual activity : Significant upward momentum appeared on December 10-11, coinciding with the announcement of Robinhood's launch.
• Historical performance : A significant pullback compared to historical highs, but a mild rebound occurred due to positive news.

XCN Price Trend

• 48-hour increase : From $0.005266 on December 9th to $0.006114 on December 11th, an increase of 16.1%.
• 24-hour range : $0.004974-$0.005943, with significant intraday volatility.
• Continuation : A single-day increase of +11.8% was seen on December 8th, and the news suggests the upward trend will continue.

On-chain dynamics

SYRUP Large Transaction Analysis

Total transfers : Between December 10 and 11, 2025, there were 10 large transfers of over 1 million SYRUP each, totaling over 90 million tokens moved (worth approximately $25 million).

Key transfer records :

Address Analysis :

• 0xa9d1e08c7793af67e9d92fe308d5697fb81d3e43 : This address received over 80 million SYRUP on December 10-11, holding multiple assets including ETH, USDC, and USDT. It appears to be a Maple Treasury or liquidity mining distribution contract.
• 0x939597fd78d74617928e192fd7a6b76da5339e78 : Received approximately 13.3 million SYRUP; the transfer pattern matches the characteristics of exchange deposits, possibly related to Coinbase.

Supply Impact : The circulating supply remained at 1,138,689,196 SYRUP on December 11th, with no minting or burning events. Tokenomist data shows that SYRUP was fully unlocked on December 11th, and the total supply remains unlimited due to continuous easing.

Technical Analysis

SYRUP technical indicators

Momentum Indicator :

• RSI (1 hour): 59.28, neutral to bullish; 4 hours: 55.08, balanced; 1 day: 41.76, nearing oversold territory.
• MACD (1-hour): Histogram +0.000922, MACD line crosses above the signal line, short-term bullish crossover.
• Trading volume: 4.415 million coins in 1 hour, 6.448 million coins in 4 hours, indicating sustained activity since listing.

Support and resistance :

• Support levels: 20EMA around $0.270, lower Bollinger Band around $0.2571.
• Resistance levels: Bollinger Band upper rail $0.2838, 200-day moving average $0.4274 (long-term heavy resistance)
• The current price is close to the upper Bollinger Band, and may face downward pressure in the short term.

Futures Market :

• 24-hour open interest increased by 13.61% to $19.6M, with Binance open interest rising by 19.32%.
• Funding fees are negative (Binance -0.0648%, Bybit -0.1382%), meaning short sellers pay long sellers, which is beneficial for price stability.

XCN Technical Specifications

Momentum Indicator :

• RSI (1 hour): 81.92, severely overbought; 4 hours: 71.56, high momentum; 1 day: 57.73, neutral.
• The RSI was only 47.93 24 hours ago, quickly surging into the overbought zone, indicating a risk of a pullback.
• MACD (1 hour): Histogram +0.000077, all timeframes remain positive, confirming an upward trend.

Trading volume surge :

• 74.7 million coins traded in 1 hour, 88.77 million coins traded in 4 hours.
• 48 hours ago, there were only 3.31 million units traded, but the trading volume has surged more than 20 times, clearly driven by the news of the listing.

Futures Market :

• 24-hour open interest surged 36.39% to $3.65 million, Bybit +46.92%, MEXC +21.56%.
• Negative funding rates (Bybit -0.1922%, MEXC -0.1916%) support long positions.

Support and resistance :

• Support levels: 20EMA around $0.0053, lower Bollinger Band around $0.00475
• Resistance levels: Bollinger Band upper line $0.00572, 200-day moving average $0.01159
• With prices approaching the upper Bollinger Band, volatility may increase.

Community Response

social media discussion

Platform X (Twitter) : No high-quality tweets discussing the Robinhood launch of SYRUP or XCN and abnormal trading volume were found within the time window around December 11.

Other platforms : No active community discussion regarding this launch was found on Reddit and major crypto forums.

Sentiment assessment : The lack of highly engaged social discussions suggests that market reactions are primarily reflected in on-chain data and changes in futures positions, with relatively limited attention from retail investors. The on-chain effect may be mainly driven by institutions/market makers.

in conclusion

Upstream effect assessment

1. Market reaction differences : XCN significantly outperformed SYRUP, with a 24-hour increase of 16.8% vs. 2.6%, reflecting the impact of differences in market capitalization ($190M vs. $316M) and liquidity on price elasticity.

2. Fund flow characteristics : The 90 million SYRUP on-chain transfer ($25 million value) is highly correlated with its $29.8M daily trading volume, indicating that the large transfer is preparing for exchange deposits; XCN's trading volume surged 20 times but lacks corresponding on-chain data, possibly stemming from liquidity allocation within centralized exchanges.

3. Derivatives Signals : Open interest in both token futures surged simultaneously (+13.61% and +36.39%), and negative funding rates indicate high short costs, which is conducive to maintaining the upward momentum. However, XCN's severely overbought condition (RSI 81.92) suggests a short-term correction risk.

4. The authenticity of the listing is questionable : Robinhood's official channels have not confirmed the listing on SYRUP/XCN; only secondary sources such as CoinNess have reported it. It is recommended to wait for official announcements to verify before assessing its sustainability.

Risk Warning

• XCN pullback pressure : Technically, it is severely overbought; a rapid rise within 48 hours could trigger profit-taking.
• Impact of SYRUP unlocking : Although fully unlocked, the subsequent selling pressure from large transfers still needs to be observed.
• Community lukewarm response : Lack of engagement on social media reflects limited retail investor interest, casting doubt on the sustainability of the price increase.
• Official confirmation of missing information : The authenticity of the launch is yet to be verified before Robinhood's official announcement.