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- Uphold partners with Ripple to use XRP for cross-border transactions in the United States, addressing regulatory concerns.
- Uphold clarifies it won’t use customers’ XRP deposits for transactions, opting to purchase XRP from the open market.
Uphold, the U.S.-based trading platform has revealed its intent to acquire XRP from the open market for Ripple Payments transactions as part of its strategic partnership with Ripple. Uphold’s decision to abstain from leveraging customer deposits for this purpose reinforces its commitment to maintaining the integrity of customer funds. This partnership marks a significant development in the cryptocurrency landscape and has sparked speculation within the XRP community.
Ripple-Uphold Partnership
The strategic partnership between Uphold and Ripple is set to reshape the Ripple Payments (formerly known as On-Demand Liquidity or ODL) landscape in the United States. Uphold’s trading platform will serve as the backbone for Ripple’s Ripple Payments offering, allowing for real-time, cross-border transfers using XRP as the intermediary currency.
For Ripple, this collaboration offers a vital avenue to reintroduce Ripple Payments in the U.S., a market it had temporarily withdrawn from due to regulatory concerns. Ripple Payments is a solution designed to facilitate seamless cross-border transactions by converting one currency into XRP, transferring XRP across borders, and reconverting it into the destination currency, all within seconds.
Uphold’s XRP Sourcing Strategy
One key question arose following the partnership announcement: how would Uphold acquire the necessary XRP tokens for Ripple Payments without tapping into customers’ deposits? Uphold’s customer holdings include a substantial $1.25 billion worth of XRP, making it their largest crypto holding, while Bitcoin (BTC) stands at $168 million.
Uphold’s response to this query was clear: they will not use customers’ deposits for Ripple Payments. Instead, Uphold plans to source XRP tokens, along with fiat and other cryptocurrencies, directly from the open market. Uphold’s commitment to maintaining the trust of its user base aligns with this approach, which avoids commingling customer deposits with company funds—a critical step.
I think it’s incredible. Congratulations!! Are our XRP on the platform going to enhance the liquidity?
👆😎— James Rule XRP 👊😎 (@RuleXRP) October 24, 2023
Speculation in the XRP Community: Uphold’s Past Conversations on XRP Price
Uphold’s past interactions with the XRP community have fueled speculation regarding the intentions behind its partnership with Ripple. The trading platform had engaged in discussions about the potential price trajectory of XRP, particularly regarding the prospect of XRP reaching a valuation of $1,000.
"#XRP just hit $1,000. What are you tweeting?"
– @UpholdInc 👇 #FREEDAI pic.twitter.com/IbbgElxVi0— Digital PerspectivesPermaBull🪝 (@DigPerspectives) October 25, 2023
These conversations, which occurred between 2021 and 2022, were framed as speculative musings rather than official forecasts. Uphold initiated these discussions by inquiring about the XRP community’s hopes and expectations for the future price of XRP. In response, some enthusiastic XRP supporters expressed their anticipation of XRP surpassing the $1,000 mark.
Uphold’s consistent response to these optimistic projections further ignited excitement within the XRP community. They often asked, “What would you do if XRP reached $1,000?” Viewers considered these interactions as Uphold’s method of engaging with the community and cultivating enthusiasm for the digital asset.
Uphold’s Positive Sentiment and Hidden Messages
The XRP community interpreted Uphold’s engagement as a potential bullish sign and a deeper exploration of XRP’s future potential. Speculation intensified when some community members suggested that Uphold’s prior discussions might have concealed messages about future collaborations or developments related to XRP.
Notably, influential figures within the XRP community, such as Amelie, took screenshots of Uphold’s tweets regarding the possibility of XRP reaching $1,000 and questioned whether these discussions hinted at a planned partnership with Ripple. This speculation has given rise to inquiries about whether Uphold’s partnership with Ripple was in the works for a considerable period, potentially to facilitate XRP’s journey to a $1,000 valuation.
Why has @UpholdInc always talked about #XRP hitting $1,000 in the past?
Hidden message? $1000 confirmed?
The partnership between Ripple and Uphold now seems to be something that has been planned for a long time… pic.twitter.com/nejgNDxSSG
— 𝓐𝓶𝓮𝓵𝓲𝓮 🍭 (@_Crypto_Barbie) October 26, 2023
XRP’s Current Price Outlook
At present, XRP’s price outlook is facing critical uncertainties due to ongoing legal proceedings involving Ripple. The cryptocurrency’s value is pivotal, with market dynamics poised to influence its trajectory.
Holding above the $0.54 mark could trigger a bullish surge, potentially pushing the price toward $0.64. However, bears taking control could lead to a test of support around $0.50. Additionally, the market is closely monitoring potential whale activity in anticipation of developments in the Ripple Labs case, as such activity could significantly impact XRP’s value.
