Ripple (XRP) is the fourth most valuable cryptocurrency by market size, and it is showing some advantages over the crypto leader Bitcoin (BTC).
According to one crypto analyst going by the name Crypto Whale, there are four clear advantages:
- XRP is x1000 faster than $BTC (3–4 seconds)
- XRP is x1000 cheaper than $BTC (> $0.01)
- XRP is better for the environment (no mining)
- XRP is more scalable.
At the time this report was written, XRP traded at $0.249510 with a daily trading volume of $1,859,495,081. Furthermore, the XRP price has gone up 2.4% in the last 24 hours.
Of course XRP is a curious thing: it has dual roles as a payment platform and a currency, plus it is an open-source platform that was created to allow quick and cheap transactions.
Banks using XRP
It has certainly gained some traction with banks. In 2018, Japan’s Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil. In Europe, HSBC Holdings Plc, with assets of about $2.5 trillion, disclosed in 2019 that it would use the XRP payment solution. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.
Meanwhile Bitcoin of course remains popular. According to cryptocurrency ATM tracking website Coinatmradar, there are presently 10,016 crypto ATMs in 71 countries across the world, which means that an individual can now buy or sell crypto assets in 71 countries.
And, according to a report recently released from Norwegian financial services company AksjeBloggen, Bitcoin over the years has become enormously popular in countries with volatile financial markets whose citizens require a quick exchange of their country’s currency for a digital asset not tied to, or regulated by any government.