Cryptocurrency payments processor and exchange operator Uphold has formally clarified that it will not delist XRP for the time being.

As part of an announcement made on Monday, Uphold stated information technology will not be removing XRP from its crypto offerings until the lawsuit filed by the United States Securities and Substitution Commission is resolved.

"Uphold has decided to continue listing XRP until and unless the SEC'south Complaint is adjudicated in the SEC's favour and XRP is judged to be a security today (or trading book dissipates to a point where we tin can no longer back up XRP)."

The exchange noted that the lawsuit against Ripple and its executives is an allegation, and no U.Southward. court of police force formally deemed XRP a security. "We trust that other Exchanges will adopt a similar stance rather than rushing to sentence alee of the Courtroom's decision," the proclamation reads.

The substitution has also questioned the SEC's heavy-handed action against Ripple, which has sent the cost of XRP on a powerful downward plunge. XRP lost more than l% of its value since rumors well-nigh the enforcement began circulating, from well-nigh $0.57 to $0.23 as of printing time.

The losses take been compounded significantly by a string of delisting announcements by major exchanges, showtime Bitstamp, then Coinbase, Binance.Usa and eToro. Major hedge funds and institutional service providers like Bitwise and Genesis Trading accept likewise dropped support for the asset.

The delistings were largely seen as a precautionary mensurate to protect against regulatory gamble. The lawsuit is however in its primeval stages, with a pre-trial virtual hearing scheduled for Feb. 22.

In the meantime, Ripple has vowed to defend itself against the SEC. Besides, a host of community members are drumming up back up through petitions and class-activity motions.

Cointelegraph reached out to Uphold for comment but did non immediately receive a response. The article will be updated should more than information come through.