XRP Vs Ethereum: Can XRP Beat Ethereum In 2023?

Hello everyone in this article we going to know Can XRP beat Ethereum? It’s very difficult to answer this question but if we talk about whether can XRP beat Ethereum in the NFT world? the answer is yes XRP beat Ethereum in terms of NFT. Both XRP and Ethereum are good in their project in the blockchain space today.

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XRP worked in the finance sector, the fees on every transaction is very less, and also its transaction speed is very fast as compared to others crypto project. Ethereum allows the developer to create smart contracts and decentralized applications with the help of this users can access various types of transactions without an intermediary. The market capitalization of both cryptocurrencies is in the top 10 on coinmarketcap.

To know the answer Can XRP beat Ethereum in 2023? How and why of this question, read till the end you will get to know more about XRP and Ethereum.

What is XRP?

XRP is also known as Ripple, Ripple network provides payment solutions globally – a Faster and cheaper way to transfer your money globally. Ripple which is traded as XRP is a cryptocurrency that is used as a payment network to transfer coins, Ripple company describes the Ripple transaction as 1000 times faster and cheaper than Bitcoin transactions.

There are many global banks that use the Ripple(XRP) network for transaction purposes because of its low transaction fees and faster transaction, more than 150 banks are also taking a trial of the XRP network. In early 2018 company announced that MoneyGram the world’s largest money transfer company uses the XRP network.

Ripple market cap – $19.5 billion aprx.
Ripple total supply – 50.2 billion
Ripple Coinmarketcap ranking – #7

What is Ethereum?

Ethereum network basically used to manage and track the coin on the blockchain network. Ethereum is also known as 2nd generation cryptocurrency because of its smart Programmable money and smart contract development. It helps the developer to create smart contracts and decentralized applications with this users can access various types of transactions without an intermediary. We can call Ethereum a decentralized currency. As it’s the transaction (gas fee) is very high and also is not so quick, therefore polygonmatic comes on the Ethereum network just to improve the gas fee and fast transaction.

As we know that Ethereum supports smart contracts, something that has been copied by many new cryptocurrencies like Binance Smart Chain and Solana. There are many tokens created on the Ethereum chain network called ERC-20.

Ethereum market cap – $152 billion aprx.
Ethereum total supply – 122 million
Ethereum Coinmarketcap ranking – #2

Can xrp beat Ethereum in the nft world?

The relationship between Ethereum and NFT is as old as NFT, after all, Ethereum is the only blockchain that NFT works on right now. Ethereum NFT standard ERC-271 is the blockchain used to power and NFT developers use Ethereum blockchain to create the token for an NFT.

The blockchain is easy to navigate around and perfect for creating and trading NFTs, it is easier because there is no need for a medal man or handler for NFT trading. You can just open the blockchain browse through all the NFTs available find the one that catches your Eye and buy it, yes it is that easy.

Ethereum blockchain helped many big artists and content creators to create their NFT art over Ethereum blockchain, many artists got recognition through this platform. Another important advantage that the Ethereum platform provides is. The Artist and the investor can easily trace back the trading of any NFC to the beginning. In this way it is easier to find out the original price and how much a particular NFT has gained its value.

As we all know that Ethereum is the only blockchain for NFTs right now and that means traffic is very high because NFTs are exploding everyone wants to create it, buy it, sell it, and store it. Because of this increased traffic on the Ethereum blockchain, which in turn causes delays in the transactions and extremely high gas fees.

But this is only one reason because of which Ethereum blockchain lacked which cause an increase in gas fees and delays in transactions. The gas fee for any NFT is very high and speed is very low, which is the biggest drawback for Ethereum.

To solve this problem XRP is the new player in the NFT market, it is a platform that works on the XRP ledger. At the beginning of July 2021, the ripple company announced that they are going to start a series of investments in “Mintable“. Mintable is the site that provides easy tools to create an NFT. As investors need a problem-free platform for NFTs and Ripple is going to provide it.

The Ripple platform is offering simple tools to create NFT, in this platform users will get low transaction costs and a built-in decentralized exchange. The founder claims that ripple will use energy as low as that used in 12 households annually. This is a great initiative and a plus point for Ripple.

So, this means that Ripple will be able to beat Ethereum, if Ethereum can’t be more cost-effective and sustainable, then Ripple will definitely beat Ethereum in the NFT world. If Ripple manages to do everything, there is a big chance that it can be the new Ethereum.

Final Thoughts (Can XRP beat Ethereum in 2023?)

Both XRP and Ethereum are good in their project, but Ethereum’s transaction cost is very high and transaction speed is very low. XRP’s transaction cost is very low and transaction speed is very fast. More than 150 banks are taking a trial of the XRP network also NFT lovers are using the XRP ledger to create NFT, buy NFT, to sell NFT. If Ethereum can’t be more cost-effective and sustainable. Then XRP can beat Ethereum easily in the next 2 to 3 years.

Conclusion

Both XRP and Ethereum are in their project, but Ethereum’s transaction cost is very high and transaction speed is very low. XRP’s transaction cost is very low and transaction speed is very fast. More than 150 banks are taking a trial of the XRP network also NFT lovers are using the XRP ledger to create NFT, buy NFT, to sell NFT. If Ethereum can’t be more cost-effective and sustainable. Then XRP can beat Ethereum easily in the next 2 to 3 years.