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Why Is XRP Special and Unique? Garlinghouse Reveals Ripple’s Biggest Advantages
TL;DR
Ripple's XRP is distinguished by its rapid transaction speeds of 3 to 5 seconds, low transaction costs, and scalability, with over 4 billion transactions completed. CEO Garlinghouse emphasizes the strong community support surrounding XRP.
Key points
- XRP transactions complete in 3 to 5 seconds
- Transaction costs are fractions of a penny
- Over 4 billion transactions completed
- Strong community support called 'XRP family'
- Ripple aims to solve payment problems
Mentioned in this story
RippleGarlinghouse
Ripple’s native cross-border token is among the most popular assets within the cryptocurrency community, and the CEO of the company behind it recently published a video explaining what makes it unique.
Some of those features include rapid transaction speeds and low costs.
Why Is XRP Unique?
Garlinghouse’s video began with a short history lesson going back to the early XRP Ledger days from a decade ago. Contributors at the time included key developers who worked on the core of Bitcoin, where they saw an opportunity to “build something specialized and specific and unique to really solve a payments problem.”
This is where the cross-border token shines, according to Garlinghouse. At first, he began by outlining the settling speeds where transactions are completed in 3 to 5 seconds. Second: “it’s cost. Extremely low costs, fractions of a penny per transaction.” Third: XRP’s scalability, with over 4 billion transactions completed since its inception. Last but not least, the CEO highlighted the “incredible community” around the token, which the company calls “the XRP family.”
“But you put those things together, and you can include the longevity of this blockchain, you have something special and unique that is poised for great success in the years ahead.”
XRP Price Update
While on the topic of XRP, let’s quickly explore its most recent price moves. The token tried to break out on Sunday when it outperformed the rest of the larger-cap alts, but it was almost instantly halted at $1.52 and driven back down toward $1.45. It has since slipped below that level as most of the crypto market has retreated.
What’s particularly worrying is that it lost the fourth spot in terms of market cap to BNB, and the gap between the two stands at $1.5 billion as of press time.
Popular analyst MikybullCrypto noted that XRP has been forming a “possible breakout of the 9-month trendline resistance,” which could be supported by an ongoing significant accumulation at this triangle formation. CRYPTOWZRD said XRP had closed indecisively once again as it needs to hold above the $1.445 resistance to initiate a more profound run. As of now, though, the asset remains below that important level.
Q&A
What are the unique features of XRP according to Garlinghouse?
Garlinghouse highlights XRP's rapid transaction speeds of 3 to 5 seconds, extremely low costs per transaction, and its scalability with over 4 billion transactions completed.
How does XRP's transaction cost compare to other cryptocurrencies?
XRP's transaction costs are extremely low, often just fractions of a penny, making it more cost-effective than many other cryptocurrencies.
What is the significance of the XRP community mentioned by Garlinghouse?
Garlinghouse refers to the strong support network known as the 'XRP family,' which plays a crucial role in the token's popularity and adoption within the cryptocurrency community.
