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- XRP Ledger (XRPL) blockchain can process 3,400 transactions per second (TPS), allowing it to handle 293 million daily transactions.
- XRP has emerged as a favorite token for banks looking to digitize their services for global reach.
XRP influencer Alex Cobb has highlighted some interesting statistics about the XRP Ledger (XRPL). Based on this data, it is clear that XRP was designed as a global utility asset. The analyst highlighted the figures theoretically possible to achieve on the ledger. The analyst noted that XRP can handle 3,400 Transactions per second. This translates to 204,000 per minute, 12.24 Million per hour, and 293 Million per day. Based on this, the analyst states that XRP is truly designed to be a global utility asset for banks all around the world
As CNF reported, XRP is already a favorite with banks. A recent BCBS report shows how 19 of the 182 banks involved in the Basel III exercise are betting on crypto assets, highlighting XRP alongside Bitcoin and Ethereum. With 2% of total crypto asset exposure in XRP, equivalent to €188 million, XRP is positioned as a prominent altcoin among banks, second only to Bitcoin and Ether.
While some might be concerned that XRP does not have the capability to conquer the market, it is clear based on the data shared, that the XRP ledger is fully capable of revolutionizing the financial world.
XRP can handle 3,400 Transactions per second
That's:
204,000 per minute
12.24 Million per hour
293 Million per dayXRP is truly designed to be a global utility asset for banks all around the🌎
— Alex Cobb (@AlexCobb_) October 3, 2023
Not only does this paint a bullish future for XRP investors, but it also represents a paradigm shift in the perception and adoption of cryptocurrencies as serious financial assets. It is clear that as the traditional financial system gets a revamp through digital assets, it seems that based on its technological capabilities and its adoption by investors, XRP could lead the revolution.
Analyst Challenges XRP Ledger Claim
However, some analysts have contradicted the recent claims. Daniel Keller, an XRPL ambassador and the Chief Technology Officer (CTO) at Eminence began by stating that the quoted statistics are based on perfect conditions. Based on his experience and available experience, the analyst argued that the real-world XRP transaction speed typically ranges between 500 and 700 TPS. It is important to note that Ripple’s official page claims that the XRP ledger can achieve 3,400 Transactions per second.
Notably, XRP ledger capabilities seemingly increased last month. This was always 1,500 but increased to 3,400 last month, ushering in a new phase for the project.
As investors look forward to value around the project raising, short-term performance is still challenging. In the last 7 days, the 6th ranked token has lost around 8% of its value. At the time of press, XRP is exchanging at $0.56 after a marginal change in the last 24 hours. With an all-time high of $3.40 reached 6 years ago, investors are optimistic of reaching this level in the next bull market.
