Uphold, a prominent American cryptocurrency exchange, has officially confirmed that the U.S. Federal Reserve’s instant payment system, FedNow, allows for instant XRP transactions to select U.S. bank accounts. This confirmation has dispelled skepticism from the broader community and assures transparency in the process.
Some users initially questioned the authenticity of the transaction, as it occurred on April Fool’s Day. However, Uphold’s statement validates the transaction and confirms 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, highlighting 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. Uphold also assures users that this feature is not exclusive to XRP but extends to other supported cryptocurrencies.
To indicate transactions eligible for instant withdrawal, Uphold has introduced a lightning symbol in its app. Users opting for instant withdrawals through FedNow or RTP will incur a variable fee of 1.75%, with a minimum charge of $1 and a maximum cap of $150.
While Uphold’s confirmation is significant, questions remain about the extent of its integration with the FedNow network. Speculation suggests that Ripple Payments may act as an intermediary, leveraging FedNow through Uphold to enable instant XRP deposits into US bank accounts. Confirmation from Uphold or Ripple is awaited to confirm this hypothesis.
Another aspect to monitor is XRP’s potential role within the FedNow network. While 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, this development highlights ongoing efforts to bridge the gap between cryptocurrencies and traditional finance.
Reports from XRP community members support Uphold’s confirmation, solidifying the possibility of a genuine connection between FedNow and instant XRP deposits into U.S. bank accounts. Ripple’s existing partnership with Uphold aims to enhance the exchange’s cross-border payment infrastructure. Recent attention has brought significance to this feature from Uphold within the community.
The confirmation from Uphold and positive community feedback have shed light on the practical implementation of instant XRP transactions through FedNow. XRP is experiencing a significant surge in trading volume, indicating a resurgence of interest and heightened buying pressure in the market. Open Interest in XRP has also increased, reflecting growing optimism and confidence among traders regarding XRP’s price potential.
