Why Ripple’s XRP Has an Edge Over Bitcoin and Ethereum in the Race for Practical Cryptocurrency Adoption
A crypto analyst from the YouTube channel AllinCrypto presented a video to prove that Ripple’s XRP has the best chance of being used as a currency compared to other cryptos.
His argument is that the strength of XRP is not that it uses a currency but that it can enable the existing fiat currencies’ capabilities with its technology.
The analyst believes that XRP has a high chance of rising to $19.27, and he also mentioned a report by Ernst & Young that shows that XRP is the 4th largest token being held by institutional investors behind Bitcoin, Ethereum, and Solana. Also, a consortium of 61 Japanese banks uses XRP for both domestic and cross-border transactions.
Addressing skeptics who label XRP a scam, the analyst points to the numerous partnerships and use cases as evidence of its legitimacy. He references a document revealing 1,700 non-disclosure agreements between Ripple and various institutions.
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The video also includes a clip from Japan’s largest bank’s CEO where he says that all banks will use XRP by 2025. This is seen as one of the proofs that XRP will eventually gain massive adoption.
XRP may not be used for everyday transactions because of price volatility; however, it will play a key role in facilitating stablecoin and Central Bank Digital Currency use. This is also on the basis that the world will run on stablecoins, which the analyst believes Ripple will be key in enabling.
XRP has the ability to serve as a bridge for cross-border payments, and its stablecoin could also be useful for this. The stablecoins backed by some traditional currencies could also play a major role in solving problems that exist in the current financial system.
Bitcoin and Ethereum, on the other hand, lack the scalability and stability that are required for practical currencies. This has even required the Bitcoin community to create a solution like Lightning Network, which brings in third-party risks, which is against Bitcoin’s original vision.
The analyst also played clips from a representative of the Bank for International Settlements (BIS). The video mentioned that most cryptos are not suitable for practical currencies.
Although the analyst did not agree with all the points made in the video, he used them to reinforce the fact that Ripple and its stablecoin initiative are well-suited to be integrated into the traditional financial system.
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