ODL Payments Discontinued for Institutional Investors
Leading digital currency platform Uphold introduced the ripple payment option for institutional investors. This move signals a significant step forward for the XRP community and introduces a new way to use Ripple‘s On-Demand Liquidity (ODL) service.
Ripple Payment Integration Supported
Uphold’s decision to integrate Ripple payments underscores the growing adoption and use of XRP in the financial environment. Yassir Mobarak, founder of technology investment company Dizer Capital, drew attention to this positive development on social media. Mobarak shared Uphold’s views on the integration of Ripple payments by attaching a screenshot of the platform’s payment options for institutional investors.
Source: Yaser Mobarak | X
Additionally, Mobarak highlights the platform’s potential to become a Ripple ODL partner, which will facilitate transactions from the US and UK. Additionally, this expansion of Uphold’s services highlights Ripple’s commitment to increasing accessibility and efficiency in the digital payments ecosystem.
Previously, in October 2023, Ripple launched a new collaboration with Uphold. This initiative was aimed at equipping Ripple with advanced “crypto liquidity capabilities” and thus strengthening its cross-border payment infrastructure.
“Our new partnership with Uphold allows us to leverage our core infrastructure, and Uphold’s deep liquidity expertise further supports Ripple’s ability to deliver fast and flexible cross-border payments around the world,” said Pegah Soltani, Ripple’s Head of Payments Products.
Additionally, Soltani hinted at possible future integrations, which could be why Ripple payments are currently available on Uphold. He added at the time: “We see this as the beginning of our relationship and are excited about what the future will bring.”
Also Read: Ripple Partner HSBC Accused of Naked Short Selling in South Korea
Uncertainty over XRP Price
Despite the positive development, the recent warning message given by Fox Business reporter Charles Gasparino made XRP holders nervous. The statement underscores the precarious situation where Ripple’s ongoing legal battles could jeopardize their fortunes. Additionally, Gasparino’s warning shared on X underscores the potential for financial loss among XRP investors amid the uncertainty surrounding Ripple’s legal conflict with the SEC.
The long-running investigation into Ripple and its native token XRP has entered a critical phase with a legal stance against the United States Securities and Exchange Commission (SEC). Gasparino’s negative assessment stems from Ripple’s failure to resolve regulatory issues that continue to mar XRP’s market performance. Moreover, unresolved legal issues are of great importance and contribute to the current uncertainties hindering XRP’s trajectory.
Moreover, the legal battle took a significant turn following the landmark ruling by U.S. District Judge Analisa Torres, who found that Ripple’s institutional sales violated securities laws. However, he differentiated secondary XRP sales by considering that they did not constitute an investment contract. Previously, when the XRP price rose due to Ripple’s partial victory in July 2023, the gains turned out to be short-lived.
Despite the positive decision, the price of XRP could not maintain its upward momentum. It briefly rose above $0.80 before falling back to its current trading level of $0.62. This bearish trend occurred against the backdrop of a broader market rally led by Bitcoin. Therefore, the XRP community is worried about the price trend.
Also Read: Judge Torres Ruling on XRP Secondary Market Sales Disputed by Former SEC Official
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