Ripple Moves 60 Mln XRP Right Before Remedies-Related Discovery Deadline

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ODL Payments On Uphold For Institutional Investors – Crypto News

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2 years ago

March 29, 2024

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Uphold, a prominent digital currency platform, has introduced Ripple payments option for institutional investors. This move signals a significant step forward for the XRP community, offering a new avenue for utilizing Ripple’s On-Demand Liquidity (ODL) service.

Ripple Payments Integration On Uphold

Uphold’s decision to integrate Ripple payments underscores the growing adoption and utility of XRP in the financial landscape. Yassir Mobarak, founder of Dizer Capital, a tech investment firm, highlighted this positive development on social media. Mobarak shared insights into Uphold’s integration of Ripple payments by attaching a screenshot of the platform’s payment options for Institutional Investors.

Moreover, Mobarak emphasized the platform’s potential as an ODL partner for Ripple that will facilitate transactions from the U.S. and the U.K. In addition, this expansion of Uphold’s services spotlights Ripple’s commitment to enhancing accessibility and efficiency within the digital payments ecosystem.

Earlier, in October 2023, Ripple initiated a fresh collaboration with Uphold. This venture was geared toward equipping Ripple with improved “crypto liquidity capabilities,” thereby strengthening its cross-border payments infrastructure.

Pegah Soltani, Ripple’s Head of Payments Product, stated, “Our new partnership with Uphold enables us to enhance our underlying infrastructure, and Uphold’s deep liquidity expertise further underpins Ripple’s ability to offer fast and flexible cross-border payments worldwide.”

In addition, Soltani hinted at possible integrations in the future, which could be the reason for Ripple payments availability on Uphold currently. At the time, she added, “We see this as the start of our relationship and are excited about what the future holds.”

Also Read: Ripple Partner HSBC Indicted for Naked Shorting in South Korea

Uncertainty Over XRP Price

Despite the positive development, a recent cautionary message from Fox Business reporter Charles Gasparino has put XRP holders on edge. The statement highlights the precarious position Ripple’s ongoing legal battles could put their wealth in jeopardy. Moreover, Gasparino’s warning, shared on X, underscores the potential for financial losses among XRP investors amidst the uncertainty surrounding Ripple’s legal clash with the SEC.

The longstanding scrutiny of Ripple and its native token XRP has entered a critical phase with its legal standoff against the United States Securities and Exchange Commission (SEC). Gasparino’s negative assessment stems from Ripple’s inability to resolve its regulatory woes, which continues to cast a shadow over XRP’s market performance. Moreover, the unresolved legal issues loom large, contributing to the prevailing uncertainties barring XRP’s trajectory.

Furthermore, the legal tussle took a significant turn following a pivotal ruling by U.S. District Judge Analisa Torres, who found Ripple’s institutional sales to be in violation of securities laws. However, she differentiated secondary XRP sales, deeming them not to constitute investment contracts. Earlier, when XRP price surged due to Ripple secured a partial victory in July 2023, the gains proved short-lived.

Despite the favorable ruling, XRP’s price failed to sustain its upward momentum. It briefly peaked above $0.80 before receding to its current trading level of $0.62. This downward trend occurred against the backdrop of a broader market uptick, with Bitcoin leading the charge. Hence, the XRP community has been concerned about its price trajectory.

Also Read: Judge Torres Ruling on XRP Secondary Market Sales Challenged by Ex-SEC Official