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- Uphold lets users withdraw XRP instantly to US bank accounts using FedNow, easing crypto-to-fiat conversions.
- Skepticism about the transaction was dispelled after Uphold’s confirmation, assuring transparency in the process.
Prominent American cryptocurrency exchange Uphold has officially confirmed that the U.S. Federal Reserve’s instant payment system, FedNow, facilitates instant XRP transactions to select U.S. bank accounts. This confirmation follows recent reports indicating FedNow’s involvement in processing XRP deposit transactions. Initially met with skepticism from the broader community, Uphold’s confirmation has laid doubts to rest.
🚀 BÄÄÄÄÄÄÄÄÄÄÄÄM! 🚨#FedNow is revolutionizing banking by reportedly processing lightning-fast #XRP transactions to US bank accounts in just 1 second! 💸⚡️
How? Thanks to #Uphold's cutting-edge technology and strategic partnerships with #Ripple, making instant crypto… pic.twitter.com/QC4JVnsDFj
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 5, 2024
Some users questioned the transaction’s authenticity, especially considering its occurrence on April Fool’s Day. However, Uphold’s statement validates the transaction, affirming that residents of the United States whose banks support FedNow or RTP can enjoy instant withdrawals in XRP to USD from Uphold.
Uphold has clarified the transaction process, emphasizing that users can withdraw XRP directly to their bank accounts, with the equivalent USD value credited. This eliminates the need to sell the cryptocurrency beforehand. Additionally, Uphold assures users that this feature is not exclusive to XRP but extends to other supported cryptocurrencies.
📢 FACT!
If you reside in the US, and your bank works with FedNow or RTP, you can Instantly Withdraw your $XRP to USD on Uphold!
Just look for the ⚡️ symbol in-app, select a source of funds, and its destination.
Learn more: https://t.co/Ga6nyJ61Wy#XRPArmy https://t.co/pBMv548Kiw
— Uphold (@UpholdInc) April 4, 2024
The exchange has also introduced a visual cue in its app, a lightning symbol, to indicate transactions eligible for instant withdrawal. Users opting for instant withdrawals through FedNow or RTP incur a variable fee of 1.75%, with a minimum charge of $1 and a maximum cap of $150.
Implications and Future Prospects
While Uphold’s confirmation marks a significant milestone, questions remain regarding the extent of its integration with the FedNow network. Speculation suggests Ripple Payments may be an intermediary, leveraging FedNow through Uphold to enable instant XRP deposits into US bank accounts. However, confirmation from Uphold or Ripple is awaited to confirm this hypothesis.
Another aspect worth monitoring is XRP’s potential role within the FedNow network. Although Uphold’s confirmation hints at XRP’s integration with traditional financial systems, it does not necessarily imply direct involvement in FedNow’s core transaction processing. Nonetheless, the development underscores the ongoing efforts to bridge the gap between cryptocurrencies and traditional finance.
Uphold’s Partnership and Community Response
Further reports from XRP community members have corroborated Uphold’s confirmation, solidifying the possibility of a genuine connection between FedNow and instant XRP deposits into U.S. bank accounts. Notably, prominent community figure Chad Steingraber explained that Ripple’s existing partnership with Uphold aims to enhance the exchange’s cross-border payment infrastructure. While some community members have noted that this feature from Uphold is not entirely new, its significance has been brought to the forefront with recent attention.
The revelation initially sparked skepticism within the broader community, with some questioning the validity of the claims. However, Uphold’s confirmation and subsequent community feedback have shed light on the practical implementation of instant XRP transactions through FedNow.
XRP Shows Signs of Potential Rebound
XRP is witnessing a significant surge in trading volume, marking a substantial increase of 87.55% in the last 24 hours, as reported by CoinGlass data. The total trading volume has reached an impressive $2.67 billion, signifying a resurgence of interest and heightened buying pressure in the XRP market. This surge in trading activity is not limited to a single platform but encompasses multiple exchanges, indicating widespread market participation.
In addition to the surge in trading volume, XRP has witnessed a notable increase in Open Interest, reflecting growing optimism and confidence among traders regarding XRP’s price potential. CoinGlass data indicates a rise of 4.26% in Open Interest over the last 24 hours, reaching a total of $945.87 million.
