Major Crypto Trading Platform Uphold Reaffirms Support for $XRP

1 March 2023

in XRP

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A major cryptocurrency trading platform that offers its users the ability to buy, sell, and hold various assets including cryptocurrencies and tokenized stocks, has reaffirmed its support for $XRP, the native token of the XRP Ledger.

On social media, Uphold reacted to a trend on the microblogging platform Twitter where users kept on asking for trading platforms to relit XRP. XRP was delisted from several exchanges after the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs over the sale of XRP, alleging it’s an unregistered security, in 2020.

The lawsuit alleges the firm paid cryptocurrency exchanges to permit “the buying and selling of XRP” on their platforms. At the heart of the lawsuit is whether XRP is a security that should have been registered with the regulator or not.

Uphold reacted to the trend by pointing out that XRP is listed on it, and later affirmed it was never delisted.

As CryptoGlobe reported at the time, Uphold revealed then it was going to maintain XRP listed until the SEC’s lawsuit against Ripple Labs is resolved and legally determines that the token is a security.

At the time, Uphold added it trusts other cryptocurrency exchanges to “adopt a similar stance rather than rushing to judgment ahead of the court’s decision.” It further pointed out that the SEC’s goal is to protect consumers, and believes it’s hard to see “how a judgment rendering XRP essentially worthless and inflicting billions of dollars of losses on retail investors” would square with that goal.

The platform, as reported, has since launched a new crypto-linked debit card for customers in the United Kingdom offering them reward rates of up to 4% in XRP.

As recently reported, the cryptocurrency community expects the price of XRP to experience a slight upward movement during the month of March, at a time in which the community keeps awaiting regulatory clarity.