Since 2020, Ripple XRP has engaged in legal battles with the United States Securities and Exchange Commission (SEC).
The statement follows pleas for American cryptocurrency exchanges to relist XRP on their platforms. Notably, the protracted legal conflict between the SEC and Ripple in December 2020 had an effect on the price of Ripple’s native cryptocurrency.
The SEC alleged that certain Ripple executives violated US securities laws through the unregistered sale of XRP. Ripple maintained that XRP is a cryptocurrency and not a security.
In response to the current circumstance on Twitter, John Deaton praised Uphold for its support of XRP. He remarked that the cryptocurrency exchange’s decision to maintain XRP trading on its platform while awaiting the court’s judgment was a cunning business move.
In addition, Deaton stated that Uphold benefited greatly between January 2021 and January 2023 because XRP was not delisted. He stated that the volume of XRP trades contributed a more significant proportion of the exchange’s trading fees.
Proof of reserves (PoR) systems were published by the exchange to increase user confidence in its operations. According to the PoR report, Uphold has a slightly overcollateralized ratio of 100.9% for its fiat and digital assets.
In addition, the exchange contains crypto assets worth billions that are categorized into tiers based on the classes and services it provides. The platform’s tier 3 crypto assets include XRP, which users can hold, purchase, trade, transmit, deposit, and withdraw.
In addition, the PoR report indicated that Uphold possesses XRP tokens with a market value of $1.04 billion. This positions XRP among the most extensive holdings of any asset on the exchange platform.
Uphold’s XRP holdings are greater than its Bitcoin holdings, currently valued at $131,1 million. In addition, Uphold recorded XRP transactions accounting for 28.33% of all platform transactions.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.