Uphold, a cryptocurrency exchange based in New York has announced the “Sweepstakes” promotion for this month, which will award six lucky winners with up to $25,000 in XRP. Social media users expressed excitement over the announcement and started expressing interest in participating, igniting the Uphold community.
The XRP giveaway promo update is noteworthy because it was submitted less than twenty-four hours after the SEC challenged the recent XRP verdict in the ongoing Ripple v. SEC lawsuit by filing an appeal notice with the United States Court of Appeal of the Second Circuit. After the announcement,
XRP’s price crashed by 14%, bringing it down to about $0.50. Prospective winners will have the opportunity to obtain the coin through the Uphold Sweepstakes XRP giveaway while setting themselves up for a possible upward trajectory in the event that the market recovers.
Promo Details
In a post on X (previously Twitter), Uphold stated that this month’s Sweepstakes campaign will pay out $20,000 in XRP to one lucky winner. In addition, five more runners-up will receive $1,000 apiece, bringing the total prize pool to $25,000.
All “natural persons” who are regular users of the Uphold platform, have finished their KYC processes, and have successfully validated their identity are eligible to participate in the promotion, according to a comprehensive post on their official website.
Users who live in Florida and New York, however, are not allowed to take part in the campaign. Users must also be 18 years of age or older on October 3, 2024, at 11:00 AM EDT. The Sweepstakes will begin on October 3, 2024, at 11:00 AM EDT, and run until October 31, 2024, at 19:59 EDT, according to Uphold.
Crucially, users can be eligible for an entry if, by the last day of the promotion, all of their transactions are completed successfully on the Uphold platform by 19:59 EDT.
How to Participate
Meanwhile, Uphold highlighted that consumers do not need to purchase or make any payments to enter the contest. Rather, consumers must register their participation on the app by clicking on the Sweepstakes banner that is displayed to eligible users. To participate, people would need to choose the “opt-in” option, and once participating, they would get one free entrance.
Qualified users who register will be given another free entry into the draw for each eligible transaction they complete on the Uphold platform during the promotion. Notably, an “eligible transaction” refers to all transactions done on the Uphold platform excluding deposit and withdrawal of fiat or cryptocurrency. There are no restrictions, thus users are free to register for more than one entry. Consequently, the likelihood of winning increases with the number of entries.
Following the previously specified Sweepstakes time, six entries from among the qualified participants will be chosen at random. After the winners are chosen, they will receive emails informing them of their prizes, and each winning sum will be credited to the user’s account within a month.
The winners of the Sweepstakes will receive six prizes at the end of the promotion. One user will get a grand prize of $20,000 in XRP, while five runners-up will each receive $1,000 in XRP. The XRP amount will be computed using the market rate on October 31.
Furthermore, winners must agree to all Uphold terms and conditions and respond to their email notification within 10 days, otherwise, the prize will be forfeited to alternative winners chosen at random.
Final Thoughts
Uphold’s “Sweepstakes” promotion offering up to $25,000 in XRP has generated excitement, particularly in light of recent developments in the ongoing Ripple v. SEC case. The timing of the promotion, shortly after the SEC’s appeal of the XRP verdict, adds an intriguing twist, especially as XRP’s price fell by 14% following the appeal.
While the promotion has sparked interest and engagement within the Uphold community, it also presents an opportunity for participants to potentially benefit if the XRP market rebounds amid the legal uncertainty.
The promotion’s structure, which allows users to gain additional entries through eligible transactions without requiring a purchase, is a clever way to boost platform engagement during a period of heightened market volatility.
The prize pool, especially the $20,000 grand prize in XRP, may draw in both seasoned and new traders looking to capitalize on XRP’s potential future gains. However, the ongoing legal issues surrounding XRP and the recent price drop could temper the optimism, making this promotion a speculative but exciting opportunity for participants.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.