XRP has recorded a significant weekly uptick on Uphold Ascent, the platform’s trading venue for institutional traders.
The traction underscores how XRP forms the center focus of the Uphold ecosystem.
Uphold, a leading digital currency platform, has become a focal point for XRP activity, with the digital asset experiencing significant traction on Uphold’s recently launched OTC trading platform, Ascent.
Uphold’s Role in XRP Surge
In a recent weekly review of the Uphold Ascent platform, Dr. Martin Hiesboeck, Head of Research at Uphold and Founder of Alpine Blockchain Consultants shed light on the escalating institutional interest in XRP.
This is a continuation of XRP’s prominence, as it was also the most traded asset from October 29 to November 5. Uphold’s consistent coverage of XRP’s trading dominance suggests that it has a long-term appeal among institutional investors.
The Ascent platform, which debuted on June 1, is designed specifically for institutional investors, providing access to a diverse portfolio of over 280 digital assets. Uphold takes pride in its platform’s increased liquidity, dependable token discovery capabilities, and ability to handle large order sizes.
Uphold’s strategic partnership with Ripple has played a pivotal role in XRP’s success on its platform. While other crypto exchanges in the United States delisted XRP amid Ripple’s legal battle with the U.S. SEC, Uphold chose to retain the digital asset. This decision proved to be strategic, as it attracted both retail and institutional XRP investors, contributing significantly to the increased trading volume on the platform.
Remarkably, Uphold currently holds $1.5 billion worth of XRP in its reserves, surpassing its Bitcoin holdings, which stand at $183.9 million. XRP now stands as Uphold’s single largest crypto holding, reflecting the platform’s confidence in the digital asset.
XRP’s noteworthy surge on Uphold Ascent can also be significantly attributed to Ripple’s relentless pursuit of regulatory clarity and legal victories. Following a favorable ruling by the United States District Court, which declared that secondary XRP sales did not constitute securities transactions, the cryptocurrency experienced a surge, reaching $0.93 in July.
Uphold’s Notable Developments Beyond XRP
As XRP gains momentum and secures its position among the top traded assets on Uphold’s Ascent platform, it is evident that Uphold’s strategic decisions and commitment to innovation have played a pivotal role in this success.
While XRP takes the spotlight, Uphold’s recent developments extend beyond this digital asset. Dr. Hiesboeck’s weekly review highlighted Uphold Wallet’s listing of TIA, the native asset of the modular blockchain protocol Celestia. Additionally, Uphold enabled TIA trading for its institutional clients on Ascent.
Moreover, Arbitrum integration, announced on November 8, enables Uphold customers to seamlessly transfer ARB tokens between external wallets and their Uphold Ascent wallet. Uphold’s commitment to remaining at the forefront of the crypto landscape is reflected in changes to app descriptions on the Google Play Store and Apple App Store, emphasizing its support for Bitcoin, KAS, XRP, and ETH.
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