Experts are beginning to doubt the value of Ripple XRP as a cryptocurrency. Their argument is based on the fact that Ripple xRapid shared ledger, enables banks to transfer funds in both fiat and other cryptocurrencies.
Ripple XRP does not serve as a basic currency that supports the use of xRapid, but stands alone just like any other crypto or fiat. They believe that XRP was made to be the main currency for Ripple’s decentralized tools but it does not function that way. The digital currency is rather used by Ripple and its owner as a money making tool.
Another reason why a lot of doubt has been generated about the value of Ripple XRP is the rate at which the currency can be transferred from a wallet account to another.
According to a tweet which tagged XRP a scam, about a billion dollars was moved from one crypto wallet to another as shown on Bithumb Exchange.
1bn XRP moved yesterday, https://t.co/GbzqVgPBnI
the original purpose/creation of xrphttps://t.co/qpfhdAIq5q
— flibbr (@flibbr) November 28, 2018
From the summary attached to the tweet, it is stated that Ripple network is not protected by attackers because it is not based on a shared ledger of accounts. It is possible for attackers to create different accounts which can be used for illegal numerous fake transactions that will overload the network.
The aim of overloading the Ripple network is to hinder the quick processing of the original transactions.
Another issue mentioned affecting the value of Ripple’s XRP is how much XRP could be moved for a little amount of dollar. The quantity of XRP purchased by banks does not add more value to the currency.
XRP is also maintained and examined by a single company, Ripple Inc. it is not only affected by market issues but also internal issues that can arise between the company and its shareholders.
Despite all the doubts and speculation on the value of XRP, it still stands a good chance to survive and thrive among other digital currencies.
Ripple’s decentralized financial tools are all available to be utilized to power up Ripple network.