As the week seems getting soar for both Ethereum and Bitcoin, Ripple is still making massive progress, with the very recent being the release of its pilot test results using its coin-XRP. The blockchain startup, Ripple, has been undertaking its first pilot test using XRP. XRP is currently the third valuable cryptocurrency after Bitcoin and Ethereum. Its third position arises from various factors, such as market capitalization. For instance, XRP has a market cap of $31.4 billion.
Ripple pilot test seek to identify a few of its interest in the blockchain and cryptocurrency world. For instance, Ripple seeks to explore the effectiveness of the process of storing money in international accounts. More so, Ripple aimed at identifying whether or not, XRP is an effective means of storage for money in international accounts. In addition, Ripple seeks to identify whether XRP was enough and an efficient cryptocurrency for freeing up dormant capital that is stored in different accounts all over the globe.
With these and many more interests closely relating to XRP, Ripple set off for the pilot test. The pilot test embraced using XRP. More so, Ripple asserts that the pilot test took some time and a significant portion of its resources. However, the pilot test was completed in June.
Although the completion of the pilot test was a month ago, Ripple started the week by releasing the test results. The results reveals various aspects of the use and state of XRP.
First, Ripple pilot test found out that XRP has a high actual value in the banking industry for it is hotly debated. The pilot test results reveals that XRP cryptocurrency have higher applications in large scale use than just selling high and buying low based. For instance, according to Mercury FX, which participated in the Ripple pilot test, its current director, Alistair Constance, stated that
“XRP had high competitive exchange rates and unbelievable transaction times in large scale use.”
It is for this reason that Alistair believes that XRP was lighting fast when compared to using the correspondent banking network swift, which is the current interbank messaging platform connecting more than 11,000 financial institutions.
On top of that, Ripple pilot test results revealed that XRP has had an impact on global transactions and transfers, especially on both cost reduction and quickness. For instance, the test result reveals that XRP has led to costs reductions by 40% to 70% when compared to foreign exchange providers. More so, XRP has led to global transfers for it has an average payment time of only two minutes unlike for typical cross-border payments, which takes two to three days.
Indeed, Ripple pilot test results definitely credits XRP as an effective means of money storage in international accounts owing to the fact that it has a high actual value in the banking industry. As such, by storing and saving your money as XRP, you are likely to ripe more profits than in local and international currencies. In fact, due to the XRP fast average payment time of only two minutes, you can withdrawal your money quickly.