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Major Crypto Trading Platform Uphold Reaffirms Support for $XRP

A significant cryptocurrency trading platform has renewed its support for $XRP, the native token of the XRP Ledger, and now allows users to buy, sell, and hold a variety of assets including cryptocurrencies and tokenized equities.

In response to a trend on the microblogging site Twitter where people were requesting that trading platforms re-ignite XRP, Uphold replied on social media. After the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs over the sale of XRP in 2020, asserting that it is an unregistered securities, XRP was removed from various exchanges.

According to the complaint, the company bribed cryptocurrency exchanges so that “the buying and selling of XRP” would be permitted on their platforms. Whether or whether XRP is a security that needs to have been registered with the regulator is at the core of the complaint. In response to the trend, Uphold noted that XRP is listed there and later insisted that it was never delisted.

XRP will remain listed on Uphold until the SEC’s action against Ripple Labs is concluded and it is ruled legally that the coin is a security, as CryptoGlobe reported at the time.

Uphold also stated at the time that it believes other cryptocurrency exchanges would “take a similar posture rather than rushing to judgment ahead of the court’s verdict.” It added stated that the SEC’s primary objective is to safeguard consumers, and that it is difficult to understand “how a ruling declaring XRP almost worthless and inflicting billions of damages on retail investors” would be consistent with that objective.

As previously mentioned, the company has recently introduced a new cryptocurrency-linked debit card for consumers in the UK that offers them reward rates of up to 4% in XRP.

According to recent reports, the cryptocurrency community anticipates a minor increase in the price of XRP for the month of March, even if the community is still waiting for regulatory clarity.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.