XRP Jumps 6% As Uphold Pledges Support For The Token

XRP surged to over 6% in a few hours after Uphold, a UK-based digital asset platform made it clear that the token was never delisted considering the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission.

The team also offered the XRP community ongoing support, which was favorably embraced by its supporters.

Attorney John E. Deaton, one of the most outspoken members of the token ecosystem, praised the exchange for not banning XRP trading, calling it a “brilliant business decision.”

With over 10 million users located across 150 nations, the crypto exchange is among a handful of platforms that have retained the asset despite many leading trading firms have failed to do so.

Since December 2020, when payment firm Ripple and its top executives were sued by the SEC for trading XRP as unregistered securities, most exchanges including Coinbase and Binance have resorted to delisting the token.

Due to this, investors flocked to Uphold, which led to a massive surge in Uphold’s XRP reserves, as revealed in its Proof-of-Reserves [PoR] system.

According to the PoR report, the 6th ranked token is among the tier 3 assets and cryptocurrencies users can “buy, hold, sell, deposit, withdraw and send” on the Uphold platform.

Uphold Holds Over $2B Worth Of XRP In Its Coffers

At present, Uphold owned $1,07 billion worth of XRP in its reserves, making it one of the platform’s top holdings overall. It comes to 2.1 billion in total.

Data from the PoR report also highlighted the asset’s transaction volume which stood at 28.33%, the highest for any tier 3 asset. For comparison, Bitcoin’s transaction volume is only 13.91%.

Uphold’s most recent clarification comes in the midst of demands for the asset to be relisted.

On March 2, the hashtag #relistXRP began to trend which was aimed at the biggest crypto exchange in the United States, Coinbase.

Coinbase then outlined its strategy for a national crypto lobbying campaign to promote better policies and regulations, TronWeekly reported.

However, the Uphold notification that the token was listed and open for trade confused the XRP community because the token was already listed on the exchange.

Nonetheless, it received praise for its choice to stand by the Ripple-backed asset as peers tried to restrict or stop trading the asset in the midst of its well-publicized lawsuit with the SEC.