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Ripple (XRP) Will Be at An Advantage If Bitcoin (BTC) Soar To $100k or $1 Million

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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!

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.

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The XRP Price did not hit $9 Despite Dubious Press Release Claiming Otherwise

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There are always some odd developments in the cryptocurrency industry. Earlier today, a press release surfaced on Yahoo Finance. They claimed XRP was trading at over $9.35 on the Investing.com Index. That is quite interesting, considering the actual market value is a lot lower. 

Don’t get Your XRP Price Hopes up

There is a very big difference between actual values and project values as part of a financial index. In the case of the Investing.com index, the value of XRP will make little to no sense. Not only did Ripple’s asset note a 97% increase in value, but it also hit a level which the real market might not see for quite some time to come. This will undoubtedly confuse speculators, traders, and investors alike. 

To be more specific, the index claims XRP hit $9.5560 at one point. Compared to the real market value, that is a near 4,000% increase overnight. Interestingly enough, the press release only mentions a 97% increase. A lot of things do not add up here, thus it is pertinent to take this information with a few scoops of salt. 

Wild Price Swings Galore

Users who frequent Yahoo Finance may have noticed an interesting XRP price trend. It fluctuated from $0.26774 all the way to $9.36579 in a 24-hour period. This seems to indicate there was some fat-finger trading or a bug on the platform which made prices spike for no apparent reason. They also claim XRP’s market cap went as high as $79.53bn, which will not happen anytime soon. none of this market momentum is visible on the index itself, however. 

Across all other markets, these XRP price spikes do not exist. It is a bit unclear how the Investing.com Index is calculated in that regard. None of the tracked cryptocurrency exchanges report such a steep price change in a while. As such, no one missed out if they are holding Ripple’s asset at this time. These gains simply do not exist except as part of one investment index. 

Why Spread Misinformation?

It is a bit unclear why information like this is even made public. There isn’t much point in trying to claim markets are moving in a direction which isn’t there. It is not the first time this Index reported an incorrect XRP price either. That in itself shows that something must be done to prevent such issues in the future. 

Simply because something appears on a prominent website such as Yahoo Finance doesn’t necessarily make it true. While this is clearly a misconstrued XRP price report on the website, it could lead some people to believe RIpple’s asset will spike massively in the coming hours or days. So far, that seems very unlikely, as the asset has remained range-bound for quite some time now. 

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DBS Acknowledges Ripple as the Cheapest Network for Cross-Nation Payments

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DBS, the leading bank’s stand for Ripple as the cheapest and fasted transnational payment system was tweeted by community @BankXRP.

South-East Asia’s leading bank, DBS, referred to Ripple network as the cheapest way to send money across borders. One of the biggest Ripple communities on Twitter, @BankXRP, tweeted about the DBS acknowledgment on 21st Aug on its official handle.

 Treasury Prism is the online treasury and cash management simulation platform of DBS. The official website of Treasury prism mentions Ripple as the cheapest route for cross-border payments. As per its Treasury Concepts, Ripple also stands as the cheaper option out of SWIFT and ACH. 

In the same document, DBS mentions Ripple as the right disruption for the fintech to aid low-cost cross-border payments. Currently, Swift registers 6% error rates in transnational transfers. 

The fintech is looking forward to a faster and cheaper mechanism and Ripple seems to fit in perfectly. Ripple is evidently taking over the legacy systems in place. In another recent development, Ripple has partnered with MoneyGram. According to the community Tweet,

Ripple’s Senior Vice president of Business and Corporate development has joined MoneyGram’s board of directors. Kahina Van Dyke, Ripple’s SVP will be acting as an observer in MoneyGram. The news has come out post the Ripple MoneyGram partnership.

MoneyGram recently introduced xRapid technology in its international payment processing system.

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Xendpay to Ride the Money Transfer Advantages of RippleNet

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Xendpay to expand its services to more countries by using the RippleNet. The company would be using the existing infrastructure of RippleNet.

To expand and support transnational money transfers, Xendpay joins Ripple’s global network. In an official announcement by Ripple, the Xendpay users will be able to transfer money in currencies along with USD too.
According to the press release, Xendpay will have excess to the existing infrastructure of RippleNet. It would include the support of financial institutions like banks and money transfer facilitation partners.

The Xendpay users could not transfer any other form of currency apart from USD in transnational transactions. To make the payments in any other currency, the platform has to create a new business case. Such a set up with local banks added complexities of international money transfers and added to the cost of the transfer. As per Xendpay’s head of product innovation, Bhavin Vaghela, integration with RippleNet will allow faster and efficient transfers. Bhavin also added that with RippleNet XendPay will be able to penetrate the market faster with its built-in trust factor.

Ripple’s Network has grown across 40 countries and has over 200 consumers. With such a vast payment network Ripple has become very cost-effective for smaller currencies.

Bhavin stated that the traditional channels took them 3-4 days to transfer Thai Bhat. But with the use of RippleNet almost 90% of the Bhat payments are getting processed within 10 minutes. With the RippleNet integration, XendPay opens up newer payment processing services to Bangladesh, Malaysia, Philippines, Vietnam, and Indonesia. The same will support real-time payment rails to Thailand. Xendpay is already a popular transnational payment service provider across the globe. It has lots of clients in the U.K., Europe, Canada, South Africa and India where the number of migrants is increasing.

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