How Much Value Is Really In XRP?
Yesterday we did an article titled “Low-Cost XRP Transactions Are Better Than Ever” in which we discussed how 1 billion XRP tokens were transacted for the minuscule amount of 0.000012 XRP. We also touched upon how some users believe that this is proof that XRP has little or next to no value. You can read more on the article here.
Since then, experts have begun to doubt the value that Ripple’s XRP holds as a cryptocurrency. Their argument is that the Ripple and xRapid shared ledger enables banks to transfer funds in both fiat and other digital currencies.
According to ZyCrypto, XRP doesn’t just serve as a basic currency which supports the use of xRapid but it stands alone just like any other cryptocurrency or fiat too. In their eyes, XRP was made to be the main currency for Ripple’s decentralised tools but that it doesn’t operate in that way. XRP is mainly used by Ripple as a money-making tool/asset.
In addition to this, many people doubt has been generated regarding the value of XRP which is in a recent rate at which the currency can be transferred from a wallet account to another.
1bn XRP moved yesterday, https://t.co/GbzqVgPBnI
the original purpose/creation of xrphttps://t.co/qpfhdAIq5q
— flibbr (@flibbr) November 28, 2018
The above tweet suggests that XRP is nothing but a scam after a billion tokens was moved from one crypto wallet to another on the Bithumb exchange. Though the evidence to suggest this is clearly contestable.
The aim of overloading the Ripple network is to slow down the quick processing of the original transactions. Another problem that was mentioned included the value of XRP and how much of the second biggest cryptocurrencies can be moved for under a dollar. Thus, the sum of XRP purchased by banks doesn’t add any more value to the currency. Even buying in bulk, can’t really push to value of XRP upwards with this in mind.