Uphold Crypto Exchange Stands Behind Ripple’s XRP And Here’s Why

The Uphold crypto exchange decided to stand behind Ripple’s XRP while most of the other exchanges in the US started shutting their doors for the coin because of the Ripple lawsuit as we reported in the previous Ripple news.

The Uphold crypto exchange announced today that it will not delist XRP and will stand behind Ripple, despite the ongoing SEC lawsuit and CEO JP Thieriot said that SEC’s action could have dire consequences for the market as a whole. Most leading US crypto exchanges already decided to remove, delist or halt XRP Trading. Most crypto investors and traders had a lot of reasons to celebrate in December and sometime in 2021 as well. But the XRP Army is looking wounded after the US SEC filed a suit against the crypto payments company Ripple, alleging that their native coin is in fact security and that the company’s sales were illegal.

(1/8) Uphold hopes that due process resolution to the SEC/Ripple dispute can both set the goalposts for token offerings going forward, as well as clear the fogbank of uncertainty that now presumably settles over the Stellars and Filecoins of the world, if not ETH itself.

— JP Thieriot (@JpThieriot) December 30, 2020

Since the lawsuit was filed two weeks ago with the price of XRP Dropping sharply just when the asset seemed poised to recover from its status as a worst-performing cryptocurrency in the top 10. While most exchanges like Coinbase and Binance US already delisted or halted the token, Uphold crypto exchange which has done about $8 billion in cumulative trading volume, won’t take any action to change the course on XRP until there’s a ruling against it that is definite. In a statement today, the company announced that it will continue to support XRP until a final judgment is made:

“We trust that other Exchanges will adopt a similar stance rather than rushing to judgement ahead of the Court’s decision.”

Uphold also criticized the SEC decision and suggested that the consequences of its lawsuit will be extremely harmful to investors:

“An important part of the SEC’s remit is the protection of consumers. It is hard to see how a judgment sending XRP to zero and inflicting billions of dollars of losses on retail investors would square with that remit.”

JP Thieriot previously expressed a similar opinion and stated that his company will not delist XRP but cautioned against the rush to judgment on XRP with strong effects on the market when XRP is classified as illegal security:

“What if punishing the actions of a couple of parties not only directly harms XRP holders (most of whom probably assumed tacit approval after seven years of inaction) but also threatens to harm participants in similar projects?”