The Bitcoin bulls have been at it for the last two weeks, lifting up most altcoins with them as Bitcoin spearheads the overall market recovery. XRP, however, the black sheep of crypto, has been inactive in the past weeks, not aligning with the general market feel, until on May-14. The tables are however turning, and XRP is up 43 percent, trading above 40 cents psychological resistance with a market cap of $17.9 billion at the time of press.
Pundits reckon the bullish sentiment has arisen from CoinBase Pro announcement that XRP is now available to New York investors for trade, without the restrictions of old. Besides, Ripple (XRP) is also available on the Börse Stuttgart, a German stock exchange, implying that great times lay ahead for XRP investors.
The Ripple (XRP) Speed and Affordability Advantage
Ripple receives a lot of ire from the crypto-sphere. Why? They are unapologetic about providing the Ripple Protocol Consensus Algorithm service to banks, crypto’s antithesis. Beyond the skeptical sentiment, however, XRP is a crypto leader as far as usability is concerned.
Transactions on Ripple are almost free, costing 0.00001 XRP. illustration, an XRP token purchased at $0.50 will essentially cover a lifetime of use or at least 100,000 other XRP transactions.
Furthermore, all coins are pre-mined. Therefore, there is no need to pay miners for new minting coins like in Bitcoin’s PoW model. This cuts off the need for high transaction fees and blots out the dreaded network congestion prevalent with Bitcoin. Ripple transactions are, therefore, lighting fast. In a record 4 seconds, an XRP transaction is complete, making XRP the best-suited token for everyday retail purchase applications.
Ripple (XRP) Best Alternative To BTC?
Crypto enthusiasts watching the current BTC Bull Run have started to turn their eyes on the more affordable and rising altcoins. It is time to figure out which altcoin offers the best ride to the top.
XRP Neo posted a tweet that shows why XRP might be the altcoin of the future.
“I hope Bitcoin goes to $100k. I wonder what the transaction times would be? What would the fees be? The attention would go to the fastest and cheapest. Human psychology. XRP will be the solution. It’s that simple. Most people have to experience the difference.“
The crypto market now has great FOMO, as investors try to make the most of the current Bitcoin rise. Bitcoin, however, has a notoriously slow network. Its transaction rates are also particularly high. These disadvantages that have fostered a growth ecosystem for the existing altcoins.
Brendan Blumer, the CEO of Block One, has been quoted saying that while Bitcoin was “fundamentally transformative” its users needed to pay “$50-$100 per transaction and every transaction took an hour to complete.” He also said that the Bitcoin network could only process “about 3 transactions per second [TPS],” which led to scalability problems. The transaction time in October 2018, for instance, was at least 10 minutes, and on April 7, 2019, 9 minutes!
The #Bitcoin network currently costs 1800 BTC to “secure” 360,000 transactions each day, or 25 USD per transaction, before additional transaction fees.
— Brendan Blumer (@BrendanBlumer) April 7, 2019
Large Financial Institutions Love Ripple (XRP)
Ripple is an open – source platform that was designed to enable fast and cheap transactions. It has massively been used to facilitate vast volumes of international financial transactions with great success. Its system, unlike other blockchain based platforms, use the Ripple protocol consensus algorithm or RPCS which is super-fast with no clogs. The platform has significant support from investors and has a fantastic reception from large brick and mortar financial institutions.
Ripple is a work of art, and most of its fans say that it is too sublime to fail. Ripple has forged beneficial financial and strategic relationships unlike any other crypto and it is making its way to the top. Ripple’s might possibly end up being the global currency that circulates in major global banks, boosting its value tremendously.