Cross-border blockchain startup Ripple surprised the crypto community when it announced at the Swell event that xRapid is going live with three financial institutions. Ripple CEO Brad Garlinghouse turned more heads when he said that XRP is 1,000 cheaper and 1,000 times faster than bitcoin.
He also stated that XRP has established itself as the most efficient cryptocurrency for moving assets from one place to another. The price of XRP jumped after this announcement before it started trading flat once again.
At the end of August, more than $600 million worth of XRP was reportedly moved with a transaction fee of fractions of a penny.
Faster than Bitcoin
At Ripple’s Swell event in San Francisco, Garlinghouse reiterated that the XRP price does not phase him. Instead, he is focused on how the technology can be used to solve problems globally. Garlinghouse reportedly told Cheddar:
“I really don’t think about the price performance. I do think about the technical performance. And I think about the fact that XRP is about 1,000 times faster than a Bitcoin transaction and about 1,000 times less expensive than a Bitcoin transaction. XRP has demonstrated it is the most efficient digital asset to solve a payment problem.”
He went on to state:
“XRP has demonstrated it is the most efficient digital asset to solve a payment problem. What I say internally at the company, very genuinely, is 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 on top of this decentralized open-source technology to solve a customer problem.”
XRP has already supplanted Ethereum as the second biggest cryptocurrency based on market cap more than once over the last month. It remains to be seen whether XRP can maintain the upward price momentum in the coming months. Most recently, the XRP price is trading at $0.52, down 6%.