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Experts are starting to doubt the value of Ripple XRP as a cryptocurrency. Their argument is based on the fact that the shared ledger of Ripple xRapid allows banks to transfer funds both in fiat and in other cryptocurrencies.
Ripple XRP does not serve as a base currency that supports the use of xRapid, but stands alone like any other encryption or fiat. They believe that XRP was made to be the main currency for Ripple decentralized instruments, but it does not work that way. The digital currency is rather used by Ripple and its owner as a money-making tool.
Another reason why many doubts have been raised about the value of Ripple XRP is the speed at which currency can be transferred from one portfolio account to another.
According to a tweet that tagged XRP a scam, about a billion dollars has been moved from one cryptographic portfolio to another as shown on Bithumb Exchange.
1bn XRP moved yesterday, https://t.co/GbzqVgPBnI
the original purpose / creation of xrphttps: //t.co/qpfhdAIq5q
XRP has no value.
XRP is a scam.#XRPTHESTANDARD pic.twitter.com/OcwqW7me2D– flibbr (@flibbr) November 28, 2018
The summary attached to the tweet states that the Ripple network is not protected by attackers because it is not based on a shared account ledger. It is possible for attackers to create different accounts that can be used for many illegal false transactions that will overload the network.
The purpose of overloading the Ripple network is to hinder the rapid processing of the original transactions.
Another problem mentioned that affects the value of Ripple's XRP is how much XRP could be moved for a small amount of dollars. The amount of XRP purchased by the banks does not add more value to the currency.
XRP is also maintained and examined by a single company, Ripple Inc. is not only affected by market problems, but also by internal problems that may arise between the company and its shareholders.
Despite all the doubts and speculations about the value of XRP, it still has a good chance of surviving and thriving among other digital currencies.
Ripple's decentralized financial instruments are all available to be used to power the Ripple network.
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