2 - 4 minute read
Uphold Exchange has recently announced its continued support for XRP and the Ripple community, despite the ongoing legal battle between Ripple and the SEC. The exchange took to Twitter to state that it never delisted XRP from its platform and remains committed to the XRP community.
The prolonged lawsuit between Ripple and the SEC has affected the price of Ripple’s native coin. However, Uphold’s unwavering support for XRP has attracted commendations from Attorney John Deaton, who noted that it was a brilliant business decision for the exchange to maintain XRP trading on its platform while waiting for the Court’s ruling.
Uphold Exchange has released its Proof of Reserves (PoR) systems to build its users’ confidence in its operations. The report shows that Uphold holds billions worth of crypto assets, including XRP, which is among its tier 3 crypto assets that customers can hold, buy, sell, send, deposit, and withdraw.
What stands out in the report is that Uphold holds XRP tokens worth $1.04 billion in its reserves. This places XRP among the single largest asset holdings on the exchange platform, surpassing Uphold’s Bitcoin holdings, currently at $131.1 million worth of BTC.
Implications for Traders
Uphold Exchange’s announcement and PoR report have significant implications for traders. The exchange’s continued support for XRP shows that it believes in the asset’s long-term potential, despite the regulatory uncertainty.
Additionally, Uphold’s large XRP reserves indicate that the asset is still in demand, and its value may increase in the future. Traders who hold XRP may want to consider Uphold as a trading platform due to its support for the asset and its robust reserves.
Uphold Exchange’s recent announcement and PoR report show that the exchange is committed to supporting XRP and the Ripple community. The exchange’s large XRP reserves indicate that the asset is still in demand, and Uphold believes in its long-term potential.
Traders who hold XRP may want to consider Uphold as a trading platform due to its support for the asset and its robust reserves. However, as with any investment, traders should do their due diligence and understand the regulatory risks associated with XRP.