Crypto Exchange Uphold Launches Debit Card With $XRP Rewards

Popular cryptocurrency exchange Uphold has announced the launch of a new crypto-linked debit card for customers in the United Kingdom offering them reward rates of up to 4% in the $XRP digital currency.

Timeline of Xrp

The offer comes as FTX files for Chapter 11 bankruptcy protections. Bankman-Fried has also resigned, entering the fifth day of the crypto exchange's catastrophic meltdown due to a liquidity crunch.

With the collapse of Sam Bankman-Fried's FTX exchange, many of his skilled employees will likely have to seek new employment. Fortunately for them, the chief technology officer at Ripple Labs hinted that they may not have to look far.

To support the U.S. Securities and Exchange's lawsuit against Ripple, the New Sports Economy Institute (“NSEI”) has asked the court to accept an amicus brief. In its proposed brief, NSEI makes the case that the cryptocurrency XRP, which is linked to Ripple, is a “speculative tool” supported by the greater fool principle.

Ripple's CTO in a tweet today opened arms to employing Ex-FTX employees who were clean of the saga. The CTO further stated that Ripple could have bought FTX had it been in possession of the funds.

The possibility of FTX personnel pursuing a career at the crypto payment firm has been hinted at by David Schwartz, chief technology officer at Ripple. Earlier, Schwartz made an equivalent offer to Twitter employees, who had seen drastic layoffs as a result of the management shift and Elon Musk's arrival.

The CEO of financial technology firm InvestReady is seeking the court's approval to file a legal document that will support the U.S. Securities and Exchange Commission (SEC) in its legal suit against payments company Ripple Labs.

The XRP (XRP) price is trading above a long-term horizontal support area and ascending support line. Whether it breaks down or bounces will likely determine the direction of the future trend.

The XRP price has risen by 8% in the past day, with its current level of $0.394470 representing a 20% jump since it fell to around $0.33 in the wake of the FTX insolvency crisis. XRP is one of the best-performing major coins in the last 24 hours, although the outcome of the SEC-LBRY case casts doubt on Ripple's ability to come to a positive conclusion in its own case.

The cryptocurrency market witnessed a massive plunge over this week with the collapse of Sam Bankman-Fried's (SBF) FTX. However, the leaders engaged with the digital asset industry have alleged that the U.S. Securities and Exchange Commission (SEC) is responsible for this crisis.

Ripple (XRP) is in a downtrend as sellers broke through $0.41 support. The altcoin fell to a low of $0.31. Due to the current decline, XRP has entered the oversold zone. It can be assumed that XRP will soon resume an uptrend if there are buyers in the oversold area.