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Home Markets Cryptos

Major reasons why XRP is better than Bitcoin

Olumide Adesina by Olumide Adesina
September 17, 2020
in Cryptos, Market Views
Ripple reports 1,760%  surge in XRP sales in Q2 2020
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Ripple, the world’s fast-growing crypto payment powerhouse and owner of the fourth most valuable crypto by market size, is showing some of its advantages over the flagship crypto token(Bitcoin).

A popularly known crypto analyst, with the pseudo name Crypto Whale, spoke on XRP’s unique advantages over Bitcoin. Crypto Whale went on, saying;

1.XRP is x1000 faster than $BTC (3-4 seconds)
2.XRP is x1000 cheaper than $BTC (> $0.01)
3.XRP is better for the environment (no mining)
4.XRP is more scalable

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https://twitter.com/CryptoWhale/status/1305647419477159937?s=20

 

At the time this report was drafted the fourth most valuable crypto, XRP price traded at$0.249510 with a daily trading volume of $1,859,495,081. XRP price is up 2.4% in the last 24 hours.

What you should know; Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet). XRP is the digital token that has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

READ: Nigeria total public debt hits N31 trillion as debt service gulp over N1.2 trillion in H1 2020 

Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise

Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.

Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.


Follow us for Breaking News and Market Intelligence.
Tags: Banco SantanderBarclays PLCcryptoCrypto WhaleHSBC Holdings PlcMitsubishi UFJ Financial GroupRippleNet)Royal Bank of CanadaSumitomo Mitsui Financial GroupXRP
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Joseph Ogbemudia Odijie says:
    September 17, 2020 at 1:56 pm

    I’ve job bro thanks for the education

    Reply

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