May 20, 2024

XRP has seen growing institutional adoption as more companies dive into crypto. Over the past week, XRP emerged among the top traded assets on Ascent, the new OTC trading platform on Uphold.

The Head of Research at Uphold and Founder of Alpine Blockchain Consultants, Dr. Martin Hiesboeck, revealed the spark for XRP institutional investment.

XRP Emerged As The Top Traded Asset On Uphold’s OTC Trading Platform

Dr. Hiesboeck laid out the new trend in a weekly review of last week’s critical trends on Ascent. The researcher listed some top traded crypto assets on the Uphold Ascent platform between November 4 and November 11.

These include XRP, Bitcoin (BTC), XDC Network (XDC), and Chainlink (LINK).

Dr. Hiesboreck noted that several institutional investors showed more interest in these tokens over the past week despite the wavering crypto market condition. Over time, the researcher has mapped out a pattern for reviewing the trading level of assets weekly.

His last week’s review put XRP among the most traded assets on the Ascent platform. Notably, XRP emerged as the top traded asset on the platform between October 29 and November 5.

Further, the weekly review indicated other developments on Ascent in the past seven days.

Dr. Hiesboeck disclosed Uphild’s listing of the native token (TIA) of a new modular blockchain protocol, Celestia. Also, Uphold included TIA trading on Ascent for its institutional customers.

Notably, Uphold’s commitment to ensuring more value to institutional investors prompted the birth of its Ascent platform on June 1. 

The OTC trading platform aims to offer unlimited liquidity and capacity for huge trade orders with exposure to more than 280 digital assets.

Uphold has reflected its strong support for XRP over the past years. The firm kept the token listed when several other crypto exchanges delisted XRP during the intense legal battle between Ripple and the US Securities and Exchange Commission (SEC).

Due to its unwavering support, Uphold garnered the presence of many XRP investors, both on the individual and institutional levels. This accounted for the continuous high trading volumes of the token on the Uphold platform.

A recent post on the X platform highlighted an interview with Uphold CEO Simon McLoughlin about the firm’s longstanding loyalty to XRP. 

The CEO noted that Uphold’s support for the token was based on the calculated assessment of the Ripple vs. SEC lawsuit and professional legal counsel.

The exchange received advice that though the SEC sued Ripple on the stance of XRP, that wasn’t a legal finality. So, Uphold decided to retain its listing for XRP pending a court’s legal determination on the case.

Following the increased XRP investors’ interest in Uphold, the platform now possesses up to $1.5 billion worth of XRP in its reserves. This is bigger than its Bitcoin’s holding, worth about $183.9 million. Additionally, Uphold is collaborating with Ripple recently to boost its payment offering.


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