Altcoins complete the rest half of the Cryptocurrency market.
The name ‘Altcoins‘ denotes the set of alternative coins. Bitcoin alone is so huge market cap-wise that it dominates and controls most parts of the Cryptocurrency market. The Bitcoin India Rate Todayis around $57,814.19.
Altcoins like Ethereum, LINK, Helium, etc., exist as tokens along with several other coins. Ripple is another token that has engulfed the market on a significant note.
Indeed the market cap is way lesser than Bitcoin Value, but analysis and trends seem to support Ripple too. Ripple makes both parts. One is the platform, and the other one is the token, XRP.
So, where exactly XRP stands in front of Bitcoin Value? Before we discuss this, let’s know about Ripple and other analytical statistics.
Ripple: A Divergent Information
Altcoins have been in the news several times in which RippleNet and XRP have been highlighted countless times since the graphs tend to move up.
Ripple as a platform
Ripple is both a platform to interact with the system and a currency to exchange services.
RippleNet is a network invented for institutional purposes to make transactions on a global scale.
The platform of Ripple connects users across the world. It links users with someone who has their needs.
If we imagine that someone needs something in exchange for some other assets that either one needs, this platform connects two or more and makes the cheapest combination.
With advanced blockchain features planted inside, it makes sure that the transactions are safe and speedy. Financial transactions made possible with RippleNet.
Across 50+ countries and 120+ Currency pairs, RippleNet encompasses a vast network throughout the globe.
Ripple as the Currency
Ripple currency or XRP is a virtual token or an asset used across the Ripple Network. It acts as a mediator for both cryptocurrency and fiat exchanges.
The story began in 2013 when Jed McCaleb, the inventor of the eDonkey Network, proposed investors for investing in Ripple Labs.
Chris Larsen, one of the major investors, the business executive, is considered to be the wealthiest person in the cryptocurrency market.
The current market cap of XRP is around $72,288,767,429, and the trading Price of Ripple sums up to $1.57.
The process goes like if you want to trade across the border, we say America, you will have to buy XRP tokens equivalent to your Investment, and with RippleNet, you can quickly transfer the funds in no time.
The advantage is that you are exempted from the heavy cross-border taxes that can burden your shoulders. The price of Ripple and its transaction charges are both minimal in comparison.
Ripple Vs Bitcoins: Where Does Ripple Stands?
Major market newbies consider Bitcoins as the very currency that’s running on the Cryptocurrency market. But tokens like XRP are too in the race.
Indeed the Bitcoin market cap is swelling, but XRP is no less dominating crypto token.
- The price of Ripple is way lower than Bitcoin Value. Since bitcoin take some time to validate, it increases the transactions costs while XRP is very low charges-wise.
- If we talk about transaction time, transactions on Bitcoin take some minutes, but it takes some seconds in the case of XRP transactions.
- XRP predominantly is an institutionalised payment mode that involves settlement, asset exchanges, remittances system while Bitcoin is used to facilitate goods and services.
- XRP is pre-mined and way less complicated than Bitcoins. The Forking is mainly done on Bitcoins that give birth to other routes and chains.
- Ripple uses a different concept of verifying transactions. It used a rarely distributed consensus mechanism in which participating nodes verify the originality of transactions.
- Even considering the quantity, XRP is almost 1 billion while only 21 million bitcoins are in existence.
No doubt that the Bitcoin value has crossed the $1 trillion mark, but that doesn’t overrule XRP in any way.
Though the market is way biased to buy Bitcoin, yet several other investors believe that the analysis and trends favour XRP since it resolves cross-border transactions and circulates its own method of payment mechanism.