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Uphold Affirms XRP Support, Says No Legal Precedent to Delist

Tue, 05/30/2023 - 11:56
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Tomiwabold Olajide
Uphold insists on support and says no legal precedent to delist
Uphold Affirms XRP Support, Says No Legal Precedent to Delist
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CryptoLaw founder John Deaton has commented on Uphold's unwavering support for XRP, which has led the platform not to delist XRP despite the lawsuit.

He refers to the statement by Uphold's Chief Revenue Officer (CRO) Nancy Beaton, stating that the platform "found no legal precedent that would require them to delist XRP."

Deaton adds that this is because, in 90 years of securities laws, there has not been a single case finding a secondary sale of an underlying asset previously used in an investment contract scheme to be a security.

In an earlier tweet, Deaton praised Uphold for deciding not to suspend the trading of XRP, saying this would go down as one of the best decisions in crypto history.

In December 2020, the SEC filed a lawsuit against Ripple, alleging that the $1.3 billion sale of XRP was an unregistered security offering. XRP was later delisted by some crypto exchanges, while others ended their support for the crypto asset. Rather, Uphold maintained its support for XRP, saying it would not delist the crypto asset due to the lawsuit.

$1 Billion Worth of XRP Held by Uphold in Biggest Asset Holdings: Details

Since holding a Twitter poll in March 2018 and finding that XRP was the favored option among respondents for the platform's listing, Uphold has supported the cryptocurrency. XRP was then added to the list of cryptocurrencies that customers could purchase or trade on its platform.

Uphold's transparency website shows that XRP assets held in its reserve are valued at $1,065,890,849, significantly more than Bitcoin, which is worth $130,064,561 in BTC.

At the time of writing, XRP was up 5% in the last 24 hours to $0.50. On-chain analytics firm Santiment notes a notable activity spike on the XRP network.

"XRP Network has now had its 2nd and 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between XRP and the altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more," Santiment analysts wrote.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.