XRP dominates the Uphold trading platform by 62.21%, while Bitcoin, ETH, and XLM make below 10%.
The XRP community just discovered the sheer weight of XRP tokens that the renowned pro-XRP American trading platform Uphold commands. This discovery came amid Uphold’s recently publicized alliance with Ripple.
Uphold, an XRP Power House?
According to Uphold’s transparency portal, which details all cryptocurrencies under its control, the exchange manages $2,040,543,077 ($2.04 billion) of crypto assets. Of these over two billion dollars in assets, XRP commands the lion’s share.
Specifically, the XRP tokens in the reserve of Uphold are valued at over $1,286,703,911 (over $1.28 billion) at the time of reporting. This significant figure implies that XRP alone accounts for 62.21% of the exchange’s crypto assets.
Furthermore, the transparency portal reveals that Uphold has facilitated over 18.7 million XRP transactions throughout its operational history. XRP makes 28.33% of the overall transaction counts exceeding 124,449,578.
These figures for XRP on Uphold particularly bear significance when viewed side by side with other prominent digital assets that rival XRP, like Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM), Cardano (ADA), and Shiba Inu (SHIB).
For example, the firstborn crypto Bitcoin’s transaction count on Uphold dwarfed that of XRP by more than 50%. Specifically, the US-based exchange has facilitated 9.2 million Bitcoin transactions compared to 18.7 million for XRP.
Also, BTC under Uphold’s watch is $169,614,248 ($169.6 million) as opposed to over $1.28 billion for XRP. In other words, While XRP commands 62.21% of Uphold’s customers’ holdings, BTC accounts for only 8.31%. Effectively, Upholds controls over 740% more XRP than Bitcoin.
Interestingly, Bitcoin’s measly percentage of Uphold users’ assets, in contrast to XRP, has shocked prominent figures in the community by surprise.
“It bears mentioning that XRP makes up Uphold’s largest crypto holding, amounting to $1.25 billion worth of the token in customer funds. For context, customers only hold $168 million worth of Bitcoin (BTC) on Uphold.”
Wow!
Almost 10X the XRP to BTC. That surprised me. https://t.co/InYZ4qH50N
— John E Deaton (@JohnEDeaton1) October 28, 2023
Similarly, the second largest crypto project, Ethereum, makes up 3.84% of Uphold’s crypto reserve with $78,482,133 ETH. XLM, one of XRP’s longstanding rivals, makes up less than 3% with $52,595,396 token worth. This low percentage means the US-based exchange holds 2,414% more XRP than XLM.
Likewise, Uphold’s customer portfolios of Cardano and Shiba Inu jointly make less than 2% of the exchange’s reserve.
Uphold XRP Support
Notably, a striking factor that likely explains Uphold’s prominent position in XRP is the platform’s unwavering support for XRP. While virtually all crypto trading platforms based in the United States delisted XRP due to regulatory challenges, Uphold left XRP listed on its platform.
Furthermore, Uphold even organized a promotion to compensate one fortunate trader with a prize of 20,000 XRP.
As reported by The Crypto Basic, Uphold and Ripple made a partnership that can enable Ripple Payments (ODL) Services in the US.
Recently, Uphold confirmed that the exchange will buy XRP on the Open Market and will not use customer funds for Ripple Payments.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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