Facebook's Libra may be grabbing all the headlines at the moment, yet a maj...
While there are some similarities between Libra and XRP, notable differences also exist.
Nevertheless Libra, which has faced fierce opposition from politicians and regulators, could affect XRP’s prospects, not least because Facebook’s vast 2.4 billion users offer the currency an existing user base.Ripple says around a dozen firms use XRP for liquidity. “The top three reasons one would use it would be speed, costs, security,” said Alastair Constance, its founder. “Your speed to settle a payment is higher, and your cost comes down dramatically.”XRP has slumped around 25% this year, versus a near-115% gain for bitcoin. To be sure, other altcoins have also failed to match bitcoin’s advance.
Ripple holds XRP in escrow accounts and sells directly to the market to boost liquidity. It said in a July report that XRP markets should resemble traditional foreign exchange markets, which are typically highly liquid and efficient. “What we’re focused on - what we think will build greater stability in the asset - is its utility and liquidity.”Unlike other cryptocurrencies, XRP is highly liquid therefore attractive for high-frequency traders, hedge funds and other investors who seek to trade off short-term price moves in digital coin markets.
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