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Head Of Ripple: XRP Surpasses Bitcoin For Thousand Times

Published: 04/10/2018
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What is it for?

Payments with the XRP cryptocurrency are a thousand times faster and as much cheaper than bitcoin transactions, according to Brad Garlinghouse, Ripple’s CEO. At the 2018 Swell conference in San Francisco, the head of the crypto company stated that it is necessary to concentrate on the technological possibilities of the product, and not on its price, The CCPress reports.

 

During the event, the Ripple team also introduced the commercial version of the xRapid payment system. The platform is designed for instant international payments and money transfers between banks, which take several minutes and, moreover, save up to 70% of fee spent on making a transaction.

 

The system utilizes the XRP tokens, providing liquidity of cash transactions. As Garlinghouse noted, the Ripple coins proved to be the most effective cryptocurrency to convert assets during a transfer.

 

After the official release of xRapid, the cost of the third largest cryptocurrency XRP rose to $0.6. However, soon the rate of the Ripple tokens faced a correction, and now it is trading at a price of $0.539, based on the data by CoinMarketCap.

 

Source: CoinMarketCap

 

However, Garlinghouse emphasizes that the token price is not significant to him, and he primarily focuses on how Ripple products can solve global technological problems. He mentioned the fact that the transactions involving XRP are a thousand times more rapid and cost much less, compared with the bitcoin ones.

 

“I don’t know how to think about the price of XRP over three days, three weeks or three months. I think about how do we build an incredibly successful product and solutions... to solve a customer problem,” concluded Ripple’s CEO.

 

Earlier, the developers designed an application based on RippleNet for a Spanish bank.

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