Ripple to be supported by Uphold, a cryptocurrency exchange

Ripple to be supported by Uphold, a cryptocurrency exchange
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One of the leading cryptocurrency exchanges, Uphold has declared that it will stand by Ripple's XRP. This act of supporting Ripple is in fact bucking the trend since other leading exchanges in the US have shut their doors to XRP as a result of SEC's lawsuit against Ripple.

Most of the crypto players and investors were having a great time in 2020. especially towards the end as the value assets surged to a historical high. But the XRP holders and investors were looking back at their damages caused by the SEC's suit against Ripple claiming that Ripple's cryptocurrency XRP is a security and not an asset. Also, they accused the CEO and founder of Ripple of having sold the asset in an illegal way. The lawsuit was filed a couple of weeks ago, making the price of XRP go down sharply - just when the asset seemed to be performing well with a decent market capitalization.

The leading cryptocurrency exchanges in the market including Binance and Coinbase, have either halted the trade of XRP or delisted the token from their platforms. They just went with the decision of the SEC without any hesitation in order to maintain their credibility among their traders. But, in contrast to this, Uphold, an "anything to anything" exchange with a trading volume of about $8 billion has bucked the trend. Uphold stated their decision not to take any action on XRP until there is a definitive ruling against Ripple.

Uphold considers Ripple innocent until the token is proven security. Also, Uphold suggested to stand in a very similar stance rather than making a decision even before the court decides.

Uphold further criticized the Securities and Exchange Commission for its action as this could create a very harmful impact on the crypto 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."

Not only Uphold, but there are quite a number of cryptocurrency exchanges in the US that follow wait and see approach in Ripple's case. Some exchanges like Revoult, caution their traders of the XRP's situation but they have no plans to delist the token.