HomeNewsInstitutional Frenzy: XRP Emerges as a Favorite on Uphold's Ascent

Institutional Frenzy: XRP Emerges as a Favorite on Uphold’s Ascent

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  • XRP ranks among the top traded assets on Ascent, Uphold’s new OTC trading platform for institutional investors.
  • Uphold’s continuous support for XRP, evident in its significant holdings and partnership with Ripple, highlights the platform’s confidence in the asset.

XRP, the digital asset known for its efficiency in cross-border transactions, is experiencing a surge in institutional interest. This interest is reflected in its recent ranking as one of the top traded assets on Ascent, Uphold’s newly launched Over-The-Counter (OTC) trading platform for institutional clients.

XRP Ascends in Institutional Trading: Spotlight on Rising Interest on Ascent Platform

Dr. Martin Hiesboeck, Head of Research at Uphold and Founder of Alpine Blockchain Consultants, highlighted this development in a recent review of Uphold Ascent’s activities. Between November 4 and 11, XRP featured prominently among the most traded crypto assets on the platform, alongside Bitcoin (BTC), Kaspa (KAS), Chainlink (LINK), and XDC Network (XDC). This trend underscores XRP’s growing appeal among institutional investors, especially amid a sustained market run.

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XRP’s Consistent Performance

Notably, this is not the first time XRP has clinched a top spot on Ascent’s trading metrics. It also emerged as the most traded cryptocurrency for the week of October 29 to November 5, signaling a consistent interest from institutional investors in the asset.

Uphold Ascent: Emerging as a Diverse Digital Asset Hub with Enhanced Support and Integration

Launched on June 1, Uphold’s Ascent aims to provide institutional investors with access to a wide array of over 280 digital assets. The platform prides itself on deep liquidity and robust token discovery features, catering to large-scale trading needs.

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Integration and Listings

The latest review from Uphold also unveiled new integrations and listings. Uphold Wallet recently listed Celestia (TIA), a native asset of the modular blockchain protocol Celestia, and introduced TIA trading for institutional clients on Ascent. Additionally, Uphold integrated Arbitrum on November 8, enabling transfers of ARB tokens between external wallets and Uphold Ascent wallets.

Platform’s Affinity to XRP

Uphold’s app descriptions on both the Google Play Store and Apple App Store reflect the platform’s affinity to XRP, alongside other prominent cryptocurrencies like Bitcoin and ETH. This inclusion signifies Uphold’s commitment to promoting XRP among its user base.

Uphold’s Strong Support for XRP

Uphold has consistently shown support for XRP, retaining the asset even when other exchanges in the U.S. delisted it amidst Ripple’s legal challenges. This support is evidenced by Uphold holding $1.5 billion worth of XRP in its reserves, surpassing its Bitcoin holdings. Uphold’s partnership with Ripple to enhance its payment offerings further cements its commitment to XRP.

As XRP continues to attract institutional attention on platforms like Uphold Ascent, its role in the broader digital asset market becomes increasingly significant, demonstrating the growing confidence in its utility and investment potential.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!

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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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