Coinbase listed Stellar (XLM) a few days ago on Coinbase Pro just weeks after it listed Ripple’s XRP. This has drawn the attention of Weiss Ratings, the foremost financial rating firm that recently expanded its scope to cryptocurrency.
In a Twitter post following the listing of XLM, the firm said XLM will potentially see greater adoption as it is a superior technology to XRP. Among the top cryptocurrencies, XRP and XLM seem to share the common goal of facilitating cross-border payment and that automatically puts them in a race.
— Weiss Ratings (@WeissRatings) March 14, 2019
So far, Ripple has been the lead project in terms of cross-border payments and Weiss Ratings has attested to this fact, praising the project for the quality of services it provides when it comes to payments. Ripple is said to have over 200 institutional clients across the world and counting. More potential clients are on the line such as Israeli exchange eToro.
It is therefore surprising that Weiss Ratings would say that Stellar’s technology is superior to that of XRP. Stellar is an open source and decentralized project that enables cryptocurrency to fiat transfers for any pair worldwide. It is currently the 8th largest cryptocurrency by market capitalization. The technology uses the Stellar token XLM to facilitate payments across borders.
So far, Stellar has not seen half of Ripple’s popularity and fame for unclear reasons despite the fact that the technology may actually be better than that of Ripple. Obviously, it does not have a high number of clients like Ripple that has hundreds and claims to register at least three more every week.
The listing on Coinbase may actually provide the opportunity for Stellar to market itself and it may become bigger because the demand for payment services between digital currencies and fiat is growing significantly. Also because of the several issues surrounding Ripple such as centralization and the security saga, XLM may just become an attractive option in the crypto space.
XLM has been doing well the last few days even defying the pull of the bear on the market. It has been flourishing when other cryptocurrencies struggled to stay afloat. However, in the early hours of today, Binance Coin (BNB) has just taken the seventh position to push it down to the 8th just about 72 hours after the announcement of its listing. Not a great start but hopefully it will bounce back as it has always done prior to the listing.
We would like to know your thoughts on this. Is Stellar really better than Ripple?