As Uphold pledges support despite legal disputes with the S.E.C., Ripple’s XRP price increases by 6%

The financial platform’s Twitter account recently tweeted, « P.S.A.: Uphold never delisted XRP. » Additionally, the team emphasizes that they are always dedicated to XRP support and « being there for the XRP community. »

Following Uphold’s disclosure that the token had not been delisted despite Ripple and the Securities and Exchange Commission’s (S.E.C.) ongoing legal battle, XRP soared to over 6%. XRP has had a lot of success despite the legal conflict.

Despite pressure from theS.E.C., Ripple has continued to rule the global cryptocurrency market at the same time as demands for the cryptocurrency to be relisted on American platforms. Several significant international banks, such as:

Bank of America (United States)

U.S.-based N.C. Bank

Thailand’s Siam Commercial Bank

USA-based Santander Bank

UK-based Standard Chartered Bank

Mexico’s Cuallix

A highly vocal proponent of the token ecosystem and attorney John E. Deaton praised the platform for holding off on discontinuing XRP trading, calling it « a very smart business decision not to suspend trading and wait until the Court decision comes down. »

There have been 26 exchanges that have delisted or stopped XRP services since the S.E.C. filed accusations against Ripple in December 2020. These include OKCoin, Binance US, and Coinbase. However, only one platform, Newton, has been able to successfully relist the asset; the vast majority hasn’t.

One of the few American-based financial platforms that continues to draw investors to buy, sell, trade, and keep their XRP tokens is Uphold, which supports XRP. Uphold has more than 10 million members spread over 150 countries and is one of the few cryptocurrency exchanges that have preserved the asset when many other major trading organizations have failed to do so.

Resulting in a rise in Uphold Proof-of-Reserves (PoR)-based XRP reserves.

With 2.1 billion in its reserve, XRP is a Significant Asset for Uphold

You may buy, sell, deposit, withdraw, and transmit XRP, a Tier 3 asset, via the Uphold platform. Uphold is one of the largest holders of XRP, with reserves valued at $1,079,850,489 ($1.08 billion), as per PoR statistics.

Additionally, XRP has the highest transaction volume among Tier 3 assets at 28.33% right now. The current volume of transactions for Bitcoin is 13.91%. Furthermore, compared to Bitcoin, which has a market cap of $131.1 million BTC right now, Uphold exchange holds a lot more XRP.

Several platforms, including Uphold, have the goal of assuaging investors’ worries by being open about their PoR systems. According to its PoR report, Uphold has 100.9% of its assets in fiat and cryptocurrency as collateral. The platform divides billions of assets into tiers based on their tier, or class, and capabilities.

Uphold PoRs include XRP as well as fiats, cryptocurrencies, equities, and other supported assets. To simplify asset allocation, Uphold developed a ten-tier scheme. XRP reserves total $1,07 billion, according to a research that was previously released.

Since FTX and Silicon Valley Bank failed, there has been increased demand for complete transparency in reserve proofs, which is why Uphold published its PoR. The public’s interest in enterprises connected to cryptocurrencies has not diminished despite the collapses of significant traditional financial institutions.

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