When it comes to Ripple’s XRP asset, many people firmly believe no one uses the currency. That is far from the case, as can be seen on the charts below. XRP notes a strong performance in the number of transactions and overall transaction value.
The XRP Network Looks Healthy
It is always important to not let bias cloud one’s judgment. There is a genuine dislike toward Ripple and its native asset on social media and within the cryptocurrency community. Many people think XRP is a security asset. Additionally, Ripple should be fined for issuing unregistered securities to holders all over the world.
With that mindset, it is not difficult to see why so many people oppose this project. The fact that Ripple’s network caters to banks and other financial institutions isn’t helping either. Crypto enthusiasts oppose anything that has to do with banks or other legacy providers. Ripple, while maintaining a solid business model, gets a lot of snide comments because of their approach.
One myth to put to rest is how no one uses XRP. It is one of those sayings one often finds within cryptocurrency circles. The truth is very different, as the chart above indicates. Compared to Bitcoin, Ripple’s network records a lot more XRP transactions. There is some degree of growth in the past few weeks. These figures clearly illustrate that a lot of XRP-based transactions take place every single day.
It is not uncommon to see five times as many XRP transactions compared to Bitcoin. The value transfers of both ecosystems will often be very different, though. Additionally, Bitcoin’s network can only process so many transactions per block. It leads to a bottleneck of sorts, which Ripple’s network does not have.
Average Transaction Size Favors XRP
By digging a little bit deeper into these statistics, things get even more intriguing. The average transaction size – denominated in USD – clearly favors Ripple’s asset. More specifically, XRP notes an average transaction size of $18,461. Bitcoin, on the other hand, sits at $10,691. A clear difference between the two ecosystems. As both cater to different users, this is not too surprising either.
Ethereum, on the other hand, comes out below these two assets. With an average transaction size of $5.453, it performs worse than both XRP and Bitcoin alike. More specifically, Ethereum has less than one-third of XRP’s average transaction size. It sits 50% below that of Bitcoin as well. As is often the case, these statistics do not indicate one network is better than the other by definition.
What these statistics do hos, however, is that all three networks are viable. They are entirely different from one another and target other user groups. Even so, the three of them seem to thrive regardless of the prevailing circumstances. Whether Bitcoin or Ethereum will ever claim the top spot is difficult to predict. Stranger things tend to happen in the cryptocurrency and blockchain space, after all.