The high speed of transaction with XRP and its low transaction fee has been used many a time to claim that Ripple’s XRP is superior to Bitcoin. Today, an unknown XRP user moved 98 million XRP with just a meagre fee.
The fund, which was moved from UpBit to Bittrex was around 98 004 387.439449 XRP (45,203,451 USD). The owner paid 0.000045 XRP (45 drops) as XRPL fee.
XRP transaction cost is lower than that of Bitcoin and some other notable cryptocurrency. The transaction cost is deducted for every transaction purposely to safeguard the XRP Ledger from disruption by denial-of-service attacks and spams.
However, the deducted fund for every transaction is not going to Ripple Inc., it is being destroyed.
This means every transaction made results in the destruction of a small amount of Ripple’s XRP.
However, note that the transaction cost increases as the number of load on XRP network increases. Normally, the transaction cost on the XRP ledger is around 0.00001 XRP (10 drops), but it is may be heightened when the load is higher.
Cryptocurrency Market: Ripple’s XRP in Focus
The general cryptocurrency space is witnessing increasing market growth. Following the present Bitcoin situation, altcoins have witnessed market increase at large.
Few days back, Ripple’s XRP saw a price increase, reaching $0.5. Now, the digital currency is trading at $0.463. XRP has a market cap of $19.7 billion and a 24hr market volume of $1.9 billion.
The growth was preceded by Ripple’s investment in MoneyGram, the second largest remittance firm.
The investment will make MoneyGram make use of XRP for remittance across its streams of supported countries.
Market Situation: What Next for Bitcoin and XRP?
The present crypto market situation is inexplicable, a large number of experts are not sure of what preceded the development.
Analyst like Tone Vays do not believe the market has yet ignited a lasting bull run. As it appears, Cryptos like Bitcoin and XRP are fully ready for a massive bull run.
Bitcoin price at the moment is around $10,900 and there is high expectation the digital currency will move higher above its present price.