Ripple XRP has legally battled with the United States Securities and Exchange Commission (SEC) since 2020

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According to a recent report, Attorney John Deaton has praised Uphold Exchange for its support of the Ripple community. In addition, it currently possesses a significant amount of XRP in reserve.

Uphold stated unwavering support for XRP and the community

Uphold, a cryptocurrency exchange based in New York, has made it clear that it has never removed XRP from its platform. Despite the prolonged lawsuit between Ripple and the SEC, the exchange stated on Twitter that it strongly supported the XRP community.

The statement comes in response to requests from American cryptocurrency companies to relist XRP on their platforms. Notably, the price of Ripple’s native coin was affected in December 2020 by the prolonged legal battle between the SEC and Ripple.

According to the SEC, some executives at Ripple sold XRP without registering, in violation of US securities laws. However, Ripple maintained that XRP is not a security but rather a digital currency.

The XRP token was then removed from some cryptocurrency exchanges’ listings or their services for crypto assets were disabled. Newton is one of the exchanges that has recently relisted and made their services available for XRP.

John Deaton thanked Uphold for its support of XRP in response to the current situation on Twitter. He said that the crypto exchange’s decision to keep XRP trading on its platform while waiting for the court’s decision in the lawsuit was a smart business move.

In addition, Deaton stated that Uphold benefited greatly from not delisting XRP between January 2021 and 2023. He referenced that XRP exchanging volume added to a bigger level of the trade’s exchanging charges.

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Uphold releases PoR report

To increase user trust in the exchange’s operations, its proof of reserves (PoR) systems were made available. The PoR report says that Uphold has a 100.9% overcollateralized ratio between its fiat and digital assets.

In addition, the exchange holds billions of dollars’ worth of cryptocurrencies, which are categorized into tiers according to the classes and services they provide. Customers on the platform are able to hold, purchase, sell, send, deposit, and withdraw XRP, which is one of its tier three crypto assets.

In addition, the PoR report stated that Uphold has reserves of $1.04 billion worth of XRP tokens. As a result, XRP is one of the exchange platform’s largest asset holdings.

Uphold currently has $131.1 million worth of Bitcoin, but its XRP holdings are greater than its Bitcoin holdings. Additionally, Maintain recorded XRP exchange volume as 28.33% of all out exchanges on the stage.