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The CEO of Ripple {XRP} exemplifies the benefits of using distributed ledger technology over Swift

Bitcoin

XRP is ranked at #3 underneath Ethereum but ahead of Bitcoin Cash in the market. The trading volume recorded stands at approximately $1.351 billion, while the supply has 43,166,787,298 XRP coins in play as of this very moment. The total market cap of XRP amounts to $11.908 billion for now. This major digital currency sunk at a rate of 1.34% in the course of the past 24-hours; this brought XRP all the way down to $0.275871 where it currently holds.

The CEO of Ripple that is Brad Garlinghouse has been a hot topic of discussion within the cryptosphere. Although there are scores of users who doubt XRP’s credibility even today, RippleNet has managed to drawn in at least 150 banks to be part of their network. Their campaign slogan “XRP is the standard” is appropriate.

Brad compared Ripple’s competition with Swift to the legendary battle between David and Goliath. SWIFT has a massive network that comprises over 10,000 banks scattered across the globe whereas Ripple has only been able to attract the attention of roughly 200 banks. The main selling point Mr. Garlinghouse is that officials at banks and those who employ their services aren’t fond of Swift. This is because transaction fees associated with carrying out a cross-border transfer traditionally is astronomically high in comparison to sending funds with the help of xCurrent or xRapid.

While many banks who have teamed up with Ripple are yet to use XRP coins, both Brad and David Schwartz [the CTO of Ripple] remain optimistic and believe that financial institutions will soon be able to notice XRP’s use cases someday in the future.

Let’s hope Jed McCaleb refrains from dumping this month.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.