- Ben Armstrong narrates the uniqueness of XRP in the crypto space compared to other cryptocurrencies.
- XRP does not try to replace Bitcoin or Ethereum, but rather the Swift system.
- The analyst points out XRP as a “wholesale reserve currency for banks.”
In a recent video, Ben Armstrong, a leading voice in the crypto space, shared his perspectives on the substantial value of XRP. He elaborated on the uniqueness of Ripple’s token compared to the other leading cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, BNB, and Dogecoin.
The analyst began his video with a crucial statement, “XRP is different from other coins.” Starting with Bitcoin and Ethereum, he narrated that Bitcoin is considered the “standard for money,” while Ethereum is evolving as a “digital silver.” However, XRP has secured a unique place in the crypto ecosystem with its nuanced utilities.
As a significant point, Armstrong noted that XRP doesn’t try to replace Bitcoin or Ethereum but the “Swift system,” which facilitates the quick transaction of information. While most banks use the Swift system, the crypto influencer added that XRP envisions implementing a faster system that allows international transactions in a mere 30 seconds.
In Armstrong’s words, XRP aims to replace the network of international money transactions through Ripple. He further pointed out that XRP is recognized as a kind of “reserve currency of wholesale for banks.”
In addition, Armstrong stressed that the community is already “obsessed with XRP.” Although XRP is known for not using an ecosystem, Ripple’s XRPL is similar to a Layer 1 platform, as per the analyst. He added, “There are things that people can do and use like NFTs”.
In a previous video, Armstrong delved deep into the journey of Ripple, overcoming the regulatory challenges and the legal charges imposed upon them. He also shed light on the potential adoption of XRP by U.S. banks.
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