The digital currency market is a fast-paced industry which constitutes innumerable virtual coins which compete to gain maximum public acceptance and to become the leading cryptocurrency in the virtual trading market.Though bitcoin is the most prevailing and widely accepted cryptocurrency, yet ripple (XRP) is no way back to attain equal attention. The exclusive characteristics that ripple inherit are superior design and development scheme which distinguishes it from other cryptos. According to the data collected by crypto enthusiasts, if Ripple continues to retain its ongoing growth, it would be able to surpass Ethereum in regards to market capitalizations.
The credit for such substantial growth of Ripple goes to its default currency- XRP. It facilitates diverse financial institutes with a quicker transaction process irrespective of their geographical locations at a reasonable cost.
Ripple (XRP) as a successful Digital Asset
In contrast to other cryptos which are regulated and maintained by miners, ripple’s currency XRP is designed to be distributed by Ripple Labs. This distinct approach of ripple makes it superior from other default cryptocurrencies.
The idea behind the development of XRP by Ripple was not to avoid the involvement of the financial and banking sector. Instead, XRP has been developed and designed in a way to integrate with existing banking systems and aspires to aid its clients. It aims for a faster and inexpensive process for commercial payments and currency exchanges irrespective of payments and currency exchanges.
Though the peculiar tactic of ripple is disapproved and unaccepted by some crypto enthusiasts who prefer to use cryptocurrency over conventional banking systems. But this very feature has helped ripple to stand out from the crowd.
With the increasing demand for quicker and instantaneous international money transactions are on a hike, Ripple (XRP) has worked as a savior by providing its services to make the process convenient. The transaction cost for money transfer services has been greatly reduced. By replacing the traditional methods of payment which took over a week’s period, Ripple has made it possible in just a minute’s time.
A recently released report by International Monetary Fund claims the international debt has climbed to more than $170 trillion US dollars. If the nations are unable to repay their debts due to the present severe financial conditions, it might consequently lead to a possible disastrous financial collapse. The global public debt had swollen to over 220% of the world’s GDP.
The existence of Ripple’s XRP promises to solve the global debt issue. Due to the characteristic of Ripple and cryptocurrency being a genuinely peer-to-peer, distributed, and a non-controlled system by any central government or body, they cannot be fakely overstated or taxed. Considering the factor that the value of cryptocurrencies is influenced by the contribution of its investors and the laws of demand and supply, their supplies cannot be influenced deliberately by an individual. Hence it can be concluded that the diminished supplies from current conventional currency policies can be compensated by Ripple’s XRP.