In a significant turn of events, XRP has emerged as a standout performer among institutional investors, securing a spot as one of the top-traded assets on Uphold’s Ascent, the platform’s latest OTC trading feature designed exclusively for institutional players. Dr. Martin Hiesboeck, Head of Research at Uphold and Founder of Alpine Blockchain Consultants, shed light on this development during a recent weekly review, highlighting the cryptocurrency’s growing appeal in the market.
During the week of November 4 to 11, Uphold’s Ascent platform witnessed robust trading activity, with the top assets including Bitcoin (BTC), XRP, Kaspa (KAS), Chainlink (LINK), and XDC Network (XDC). This trend follows Uphold’s earlier report from October 29 to November 5, where XRP also stood out as the most traded asset.
Uphold launched the Ascent platform on June 1, aiming to provide institutional investors access to its extensive portfolio of over 280 digital assets. Dr. Hiesboeck emphasized the platform’s enhanced liquidity and reliable token discovery capabilities, positioning it as a preferred choice for handling substantial orders.
In a broader scope, Uphold continues to make strides in the digital asset space, with recent additions and integrations. Celestia (TIA), the native asset of the modular blockchain protocol Celestia, found its way onto Uphold Wallet’s listing, with trading capabilities extended to institutional clients on Ascent. The integration of Arbitrum on November 8 allows Uphold customers to seamlessly transfer their ARB tokens between external wallets and their Uphold Ascent wallet.
Moreover, Uphold’s commitment to diversity in its offerings is evident in its updated app descriptions on the Google Play Store and Apple App Store. The platform now explicitly mentions Bitcoin, KAS, and XRP on the Google Play Store, while the Apple App Store highlights Bitcoin, ETH, and XRP, showcasing Uphold’s continued support for XRP.
Uphold’s steadfast backing of XRP dates back to the challenging times when several U.S. crypto exchanges delisted the asset amid Ripple’s legal battle with the U.S. SEC. Uphold’s decision to retain XRP proved to be beneficial, attracting both retail and institutional XRP investors. As a testament to its support, Uphold currently holds a staggering $1.5 billion worth of XRP in reserves, surpassing its Bitcoin reserves valued at $183.9 million. This makes XRP Uphold’s largest crypto holding, underlining the platform’s confidence in the digital asset.
In a strategic move, Uphold recently entered into a partnership with Ripple, further solidifying its commitment to supporting XRP. This collaboration extends Uphold’s capabilities in the payment sector, reinforcing its position as a key player in the evolving crypto landscape.
As XRP gains prominence among institutional investors on Uphold, the cryptocurrency’s market dynamics are evolving. Uphold’s Ascent platform, with its sophisticated features and comprehensive asset offerings, continues to attract significant attention. The strategic decisions, integrations, and partnerships made by Uphold further position the platform as a reliable and forward-thinking player in the cryptocurrency space.
In conclusion, XRP’s ascent on Uphold’s institutional OTC platform reflects not only the cryptocurrency’s growing appeal but also Uphold’s commitment to providing a robust and diverse trading environment for institutional investors. As the digital asset landscape continues to evolve, Uphold’s strategic moves and unwavering support for XRP position it as a noteworthy platform in the broader crypto ecosystem.
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