how to modify custom status text color in UI component grid magento 2?

Suppose following column as a sample order status column:

<column name="status" component="SR_MagentoCommunity/js/grid/columns/select">
    <settings>
        <filter>select</filter>
        <options class="Magento\Sales\Ui\Component\Listing\Column\Status\Options"/>
        <dataType>select</dataType>
        <label translate="true">Status</label>
    </settings>
</column>

Actually, you need to change component here.

Now create a component class and return color getStatusColor according to your status:

app/code/SR/MagentoCommunity/view/adminhtml/web/js/grid/columns/select.js

define([
    'underscore',
    'Magento_Ui/js/grid/columns/select'
], function (_, Column) {
    'use strict';

    return Column.extend({
        defaults: {
            bodyTmpl: 'SR_MagentoCommunity/ui/grid/cells/text'
        },
        getStatusColor: function (row) {
            if (row.status == 'processing') {
                return '#FFA07A';
            }
            return '#90EE90';
        }
    });
});

Corresponding template:

app/code/SR/MagentoCommunity/view/adminhtml/web/template/ui/grid/cells/text.html

<div class="data-grid-cell-content" data-bind="style: { 'color': $col.getStatusColor($row())}" text="$col.getLabel($row())"/>