- XRP is more efficient than several other top cryptocurrencies in executing transactions.
- Transacting with XRP is cheaper than using Bitcoin or Ethereum.
- Nick believes XRP is efficient at what its developers originally designed it to do.
Nick of the Cheeky Crypto YouTube channel thinks the XRP is more efficient than several other top cryptocurrencies in executing transactions. In a recent video, Nick compared transaction costs using XRP with that of Bitcoin and Ethereum. He observed from his findings that transacting with XRP is far cheaper than using any of the two mentioned cryptos.
Nick revealed using on-chain data that in 24 hours, 1,216,106 transactions cost $1,660 on the XRP blockchain. During the same period, Ethereum executed 972,839 transactions at $3,652,437, while the Bitcoin blockchain handled 512,116 transactions at $682,477.
Using this information and other on-chain data from various data aggregation platforms, Nick observed XRP is serving its purpose. According to him, the prominent altcoin is efficient at what its developers originally designed it to do, moving money across the world.
The crypto YouTube analyst identified other elements behind XRP’s success as a blockchain solution. Strong technology, reasonable currency circulation, and a secure escrow account with good distribution metrics are key factors for XRP’s growth, according to Nick.
Nick identified the efficiency of XRPL, the decentralized public ledger for XRP, as a fundamental aspect of XRP’s success. He noted the public ledger was outperforming other prominent blockchains, like Bitcoin and Ethereum.
The crypto analyst acknowledged the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC) as a significant factor slowing down the growth of XRP. However, he believes the crypto token will perform incredibly well when the case ends. Nick also thinks the partial victory XRP earned in the lawsuit is a sign that things could turn out well in the end.
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