Ripple (XRP) is one of the newest cryptocurrency assets. Although it not as famous as the big players like Bitcoin or Ehereum are, but with its aims and efforts, this digital asset is edging to be the future of the cryptocurrency market.
Even though the crypto-market is still facing a significant decline in its value this year, lots of investors and analysts are hoping for more prospects to place their interests in the market fully.
Notwithstanding, with a digital asset like Ripple, lots of investors can still have faith in the cryptocurrency market; this is because Ripple has proven itself to be a significant currency in the first part of the year.
Most of the statements released on the cryptocurrency has been linked to its acceptance from financial institutions. On this note, Ripple has gained lots of sponsorships from big financial companies like SBI Holdings and the Western Union, which is a big boost for the cryptocurrency.
But one question that comes to the mind is, why has Ripple not done much to lead the cryptocurrency market today? Well, it is essential to know that this crypto-coin has all it takes to be leading; it is about that time they become serious!
The Advantages of Ripple over other Crypto-coins
Ripple is emerging as one of the biggest cryptocurrency; it has achieved this feat by collaborating with big financial giants at the beginning of this year, and also boosting its exchange and the implementation of XRP. Subsequently, here are reasons why XRP is taking the lead in the cryptocurrency industry right now.
- XRP is cost- effective
For every Ripple transaction done, the price is 0.00001 XRP; this implies that an XRP crypto-coin bought at 0.50 USD is almost equivalent to 100,000 XRP related transactions, which means that you can make use of it for long. The charges made by Ripple is an effective way to boost the security of the blockchain. This, however, ensures that other miners do not have the platform to be paid and increase their own fees.
- XRP is fast
The transactions with XRP are fast and can be done in four seconds when comparing it to the amount of time that is wasted when using a debit card and completed with normal fiat.
- XRP can be scaled
It is important to know that other cryptocurrencies are finding it hard even to handle ten transactions per seconds. But with XRP, 1500 transactions can be processed within seconds. Although, Ripple still have the ability to make more innovations and if that is done, the current network can still handle a large volume of transactions within few seconds.
Reasons Why Ripple is Still Steering towards Financial Institutions
Although, it is not a good thing if XRP and other cryptocurrencies do not target vital commercial institutions. But rather than spreading their tentacles on these institutions, Ripple should be involved with top markets on the usage of XRP as a good medium of exchange for business and customer transactions. It is a good idea if XRP is used on the Wall Street and Main Street.
We do recognize the need to target big financial institutions and change the way money is being transferred all over the world: when it comes to producing a product that obeys Peter Thiel’s 10x Rule, Ripple can lead other cryptocurrency assets in the industry.
There are also pressures that Ripple faces, and this has to do with playing nicely in order to create a customer base network. Establishments like Wall Street and Main Street may be astonished by the success of XRP, but they may be put-off by the anti-banking bombast.
But if Ripple gets lots of fan base and wide acceptance, it may give it a boost and become a renowned currency. Let’s take an instance where a financial institution is interested in using Ripple’s technology, but not the XRP. Ripple can take a stand of making use of the crypto-coin XRP as a medium of transaction and as part of their money transfer project.
Ripple is a big advocate of the cryptocurrency XRP, and we have all seen cases where collaboration with XRP where absent in last year’s statements (take a look at American Express.) It is evident that Ripple has plans to be accepted big financial companies.
XRP is Prepared
XRP hasn’t yet attained its peak regarding scalability, even though it can be able to perform 1500TPS (Transactions per Seconds). This is since if we were to compare it with Visa’s 50,000+ TPS, it is still below par. Although Ripple has 1500TPS (Which takes the lead in the cryptocurrency industry). There is no reason why this cryptocurrency shouldn’t lead and become the best when it comes to transactions.