A major milestone was recently reached by both Ripple and Uphold with the unveiling of their partnership that was touted to revolutionize cross-border payments. However, the celebration of the new alliance has been marred by a controversy claiming that Uphold may have attempted to engineer bullish sentiments for Ripple Lab’s XRP a couple of years ago in preparation for the partnership.
Uphold’s XRP Hype
According to a post by crypto influencer Amelie on X (formerly Twitter), the US crypto platform Uphold has repeatedly hyped XRP in the past, indirectly suggesting that it’s bullish on the digital asset reaching the price of $1,000. The tweets, in the form of replies to XRP-related topics, usually asked people what they would do or buy if the token tapped the said value.
The posts on the social media platform that were collected by the source were made as far as 2021 to 2022. However, it now sparked a discussion that Uphold and Ripple may have been in negotiations for a potential partnership going back to those periods.
Although the tweets appeared to be simply made in passing as replies to other posts, some social media users were quick to suspect that these may be hints of the upcoming alliance. Meanwhile, others claimed that the exchange may have been attempting to engineer a positive outlook for XRP to boost the value of its token holdings.
As of April, lawyer John E. Deaton said that the US crypto exchange held $1.04 billion in XRP assets. In addition, he stated that the digital asset made up 28.33% of the platform’s total transactions during that time.
About the New Uphold and Ripple Partnership
The new partnership of Uphold and Ripple promises to offer users a more efficient, flexible, and streamlined way of sending and receiving money overseas. With Ripple, Uphold aims to expand its crypto liquidity to make the flow of transactions within its network more seamless and cost-effective.
The newly forged alliance comes on the heels of Ripple’s courtroom victory against the US Securities and Exchange Commission (SEC). On October 20, the regulator dropped all the charges it made against the key figures of the company, including its CEO Brad Garlinghouse and co-founder Chris Larsen.
XRP Price as of October 30
As of this writing at 10:00 AM UTC time on Monday, XRP is trading around $0.56. The numbers show an 8% increase on the 24-hour chart while trading volume has popped near 55% to $847 million in the same timeframe.
XRP has been riding up since Ripple’s victory against SEC from $0.52. This was further driven by the positive sentiment in the industry triggered by the major uptick in Bitcoin values as the community awaits in anticipation of the approval of Bitcoin ETFs.
Final Thoughts
While the past social media posts by Uphold have raised questions, it’s important to focus on the potential benefits and innovation that the Uphold and Ripple partnership brings to the world of cross-border payments. The collaboration aims to streamline international transactions, making them more efficient and cost-effective.
As the cryptocurrency market continues to evolve, the partnership’s success will likely be judged by the real-world impact it has on improving global financial systems, rather than by the tweets of the past.