Ripple's XRP Rallies 6% as Uphold Pledges Support Despite Legal Disputes with the S.E.C

Ripple’s XRP Rallies 6% as Uphold Pledges Support Despite Legal Disputes with the S.E.C

Updated: 06 April 2023

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“P.S.A.: Uphold never delisted XRP,” as a recent tweet on the financial platform’s Twitter handle mentioned. Moreover, the team notes they are always committed to supporting XRP and “being there for the XRP community.”

XRP surged to over 6% following Uphold’s announcement that the token had never been delisted despite the ongoing legal dispute between Ripple and the Securities and Exchange Commission (S.E.C.). Despite the legal dispute, XRP has enjoyed great success.

The disclosure coincides with calls for relisting the cryptocurrency on American platforms and although the S.E.C. has pressured Ripple; it continues to dominate the global crypto market. The cryptocurrency’s value has remained high and made it attractive to investors thanks to its adoption by several major international banks, including:

Bank of America (U.S.A.)
N.C. Bank (U.S.A.)
Siam Commercial Bank (Thailand)
Santander Bank (U.S.A.)
Standard Chartered Bank (U.K.)
Cuallix (Mexico)

Attorney John E. Deaton, a very outspoken member of the token ecosystem, applauded the platform for not suspending XRP trading, terming it: a “… Very smart business decision not to suspend trading and wait until the decision comes down by the Court.”

Attorney John E. Deaton on XRP and Uphold

Since the S.E.C. brought charges against Ripple in December 2020, 26 exchanges have delisted or disabled XRP services. Some of these include Coinbase, Binance US, and OKCoin. Newton, however, is one platform that has successfully relisted the asset, but the vast majority haven’t.

By supporting XRP, Uphold is one of the few American-based finance platforms that continues attracting investors to purchase, sell, trade, and hold their XRP tokens. As one of the few crypto exchanges that has kept the asset despite many leading trading firms failing to do so, Uphold has over 10 million users across 150 nations.

Leading to a surge in XRP reserves based on Uphold Proof-of-Reserves (PoR).

XRP is a Significant Asset for Uphold, with 2.1B in its Reserve

As a Tier 3 asset, XRP, you can purchase, sell, deposit, withdraw, and send on the Uphold platform. According to PoR data, Uphold holds $1,079,850,489 ($1.08 billion) worth of XRP in its reserves, making it one of the largest holdings.

Furthermore, XRP’s transaction volume currently stands at 28.33%, the highest among Tier 3 assets. As a comparison, Bitcoin’s transaction volume stands at 13.91% at present. Also, Uphold exchange holds a significantly greater amount of XRP than Bitcoin, which currently sits at $131.1 million BTC.

Appeasing investors’ concerns is one goal of multiple platforms, including Uphold, publicly disclosing their PoR systems. Its PoR report shows Uphold is slightly over-collateralized at 100.9% by fiat and crypto assets. Based on their class and capabilities, the platform categorizes billions of assets into tiers.

Alongside XRP, Uphold PoRs cover fiats, cryptos, stocks, and other supported assets. Uphold devised a ten-tier system to clarify asset allocation. According to a report published earlier, XRP reserves amount to $1,07 billion.

FTX and Silicon Valley Bank’s collapse has prompted a call for complete transparency in reserve proofs, hence Uphold’s PoR publication. Even though major traditional financial institutions have collapsed recently, crypto-related businesses continue to capture the public’s attention.

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