Ripple (XRP) is for a long time now ranked as the third-largest currency in the market, simultaneously represented as one of the fastest remittance payment solutions if not the fastest.
Those who are following up with the cryptocurrency world for some time now are probably familiar with the fact that Ripple was tested against Visa during the last year of 2017, that way proving that Ripple technology for making global transactions beats Visa which top potential is sending over 50,000 transactions in a second in the ideal conditions.
Moreover, Brad Garlinghouse, the CEO of Ripple claims that Ripple is “1000 times faster than Bitcoin” as well as representing far more cost-effective means of payment method, which is about to affect XRP in a positive connotation as well since xRapid is already being used by several banks that are a part of Ripple Net, the network of XRP supporters.
While the network of XRP supporters counts over 120 banks that are testing or using Ripple products, it is hard to imagine that Ripple turned out to be way slower than both NANO and Stellar, that took the first two places at the latest speed testing on Binance.
Adding the fact that Binance is said to be one of NANO’s representative’s calls for a deeper insight into this story.
So, is Ripple really slower than NANO and Stellar Lumens?
NANO Beats Ripple in Binance Speed Test: How Accurate is the Conducted Test?
While Ripple is ranked as the third largest currency in the market in oppose to having NANO taking the place of the 34th biggest crypto on the list by Coin Market Cap, it seems that the “sleeping giant” as NANO is referred to as of the latest case of events is beating XRP when it comes to speed testing.
However, the test has been performed by Binance exchange, where NANO took only 2 seconds for a single confirmation on the block, followed with Stellar Lumens that took 5 seconds for one confirmation.
Ripple was ranked as the fifth fastest currency in this test, deeming it at 10 seconds for one confirmation.
If you add the fact that Binance is more likely the representative of NANO (NANO), this test might be a bit off even if you don’t think about the expectations on how fast XRP can be.
The proof to the fact that Binance is, in fact, a representative of NANO coin is NANO Node, as the exchange recognized the potential of the currency especially with the case that NANO already represents a rather fast currency with around 5 seconds taken for validation of transactions.
Stellar is also created to represent one of the fastest solutions for global payments and micropayments said to be able to validate from 1000 to 4000 transactions per second in the ideal conditions, however, by far it hasn’t proven as faster than XRP.
On the other hand, we have Ripple which is said to be able to validate around 1,500 transactions in a single second and at some of the lowest fees in the market, also being tested for 50,000 transactions per second against Visa.
50 Million Dollars in XRP moved to the Company in 2 seconds and at under 30 cents in Fees
On October 18th, Steven Diep, who describes himself with words ”Demolish FUD and HYPE with FACTS” published as an extension of the interview with Michael Arrington, from Michael Arrington XRP Capital, an interesting case that might prove Binance wrong.
Apparently, Michael Arrington from Arrington XRP Capital claims that they were able to move a sum of 50 million dollars in XRP from one address to another, for only 2 seconds and for the price of fewer than 30 cents in fees for a multimillion transaction.
Just as Binance claims that their protégé, NANO, is the fastest currency among its peers, Arrington Capital, clearly in support of XRP can claim that Ripple is the fastest solution available in the cryptoverse.
What may speak in the name of Ripple are big names from the financial and fintech industry, like Santander, Western Union, SBI Group, and over hundred world banks that are using Ripple’s products for sending cheap and fast payments.
Additionally, Binance is the first announced tester that has named NANO and Stellar faster than Ripple, making it a rather isolated case although NANO indeed represents some of the fastest currencies in the market.