The crypto markets are back to their usual ways of decline ahead of a major decision. At the moment of writing this, the SEC has 2 days to rule on two Bitcoin (BTC) ETFs filed by the ProShares firm. This means on or before the 23rd of August, we will either get another rejection from the SEC or an acceptance of the rule change. In this case, the SEC cannot delay on a decision. Perhaps this is why the crypto markets have suddenly started showing all red as crypto traders capitulate on their positions given the history of the crypto market reaction after an SEC announcement. XRP is down 2% in the last 24 hours and currently trading at $0.32 at the moment of writing this.
It is also during periods of uncertainty that we are reminded of how great some of these projects and coins are. We start focusing more on the technological advancements as well as real-life use cases of our favorite digital assets, rather than just market performance.
So why is XRP Pure Perfection on the Blockchain?
Firstly, let us remind ourselves of how fast and efficient the XRP digital asset is on its ledger. Transactions on the ledger take an average of 3.3 seconds and cost $0.0004. None of the other digital assets on the crypto-verse can claim such efficiency. It is no wonder xRapid is being slated as saving remittance service providers 40 – 70 percentage in forex fees as well as speeding up a 2 – 3-day transaction, to as little as 2 minutes. Deducting 3.3 seconds from that time, we find that the 1 minute and 56.7 seconds delay is on the side of the user’s internal system (remittance service provider); not that of XRP.
It is also this speed and low cost of XRP transactions, that the Weiss Ratings recently ranked it first in terms of being the preferred crypto by traders to use when transferring funds between exchanges. Think of wanting to catch on a pump of ETC on Binance and you are on a different exchange. Simply shoot some XRP over to Binance and you are in the middle of the action.
Secondly, there are chances of increasing on this efficiency of the XRP ledger to make it possible to settle transactions in just 1 second through the use of the Cobalt algorithm. This new implementation would increase the efficiency of transactions by almost 75%. The same Cobalt algorithm will bring stability onto the XRP ledger as well as facilitating a smooth running platform without a delay. How amazing is that!
Thirdly, the Ripple company is constantly working on further decentralizing the Unique Node List of Validators on the XRP ledger. Ripple currently controls 48% of this number and it looks like they will live up to their word of total decentralization with time. Total decentralization means less scrutiny by the SEC.
Fourthly, and not the last reason XRP is an example of pure perfection, is that it is hard to find fault in the vision of the Ripple company to further ease cross-border payments through their products of xRapid, xCurrent and xVia. Imagine a world where sending funds to a loved one across the globe only takes 3 minutes as was seen with the xRapid pilot tests. This, in turn, means that financing education for loved ones abroad or even sending a belated birthday present in cash will no longer be a waiting game for the transaction to complete using SWIFT and other traditional ways of settling cross-border payments.
In conclusion, XRP continues to display that it is eons ahead of the competition in terms of utility and efficiency. Once the crypto-markets stabilize, it will not be surprising to see the digital asset rise to its full potential once again in the markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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