XRP Ledger's Potential, 3400 TPS -Insights from Alex Cobb and BCBS

XRP influencer Alex Cobb shares statistics about the XRP Ledger, emphasizing its potential as a global utility asset capable of handling significant transaction volumes.
XRP gains attention among banks as a prominent altcoin, with 2% exposure in crypto assets according to a recent BCBS report, positioning itself alongside Bitcoin and Ethereum.

In a recent revelation, XRP influencer Alex Cobb spotlighted compelling statistics about the XRP Ledger (XRPL), emphasizing its intended role as a global utility asset. Cobb’s analysis delved into the ledger’s theoretical capabilities, asserting that XRP can facilitate 3,400 transactions per second, a feat that translates to an impressive 204,000 transactions per minute, 12.24 million per hour, and an astounding 293 million per day.

This assertion firmly positions XRP as a viable global utility asset, particularly tailored to meet the demands of banks worldwide.

Backing Cobb’s assertions, a report from CNF highlighted XRP’s increasing favouritism within the banking sector. According to a recent Basel Committee on Banking Supervision (BCBS) report, 19 out of 182 banks involved in the Basel III exercise are actively engaging with crypto assets, with XRP prominently featured alongside stalwarts like Bitcoin and Ethereum.

Impressively, XRP’s exposure in crypto assets, amounting to €188 million or 2% of the total, solidifies its standing as a leading altcoin within the banking sphere, ranking closely behind Bitcoin and Ether.

Despite XRP’s promising statistics, conflicting perspectives arise regarding its potential to dominate the market. Some analysts, including Daniel Keller, an XRPL ambassador and the Chief Technology Officer (CTO) at Eminence, challenge the recent claims made about the ledger’s capabilities.

Keller argues that the quoted statistics are based on ideal conditions and contrasts them against real-world transaction speeds, typically ranging between 500 and 700 transactions per second, which stands in contrast to Ripple’s claim of achieving 3,400 transactions per second.

XRP can handle 3,400 Transactions per second

That's:
204,000 per minute
12.24 Million per hour
293 Million per day

XRP is truly designed to be a global utility asset for banks all around the🌎
— Cobb (@AlexCobb_) October 3, 2023

Challenging Perceptions and Real-World Transaction Speeds

Interestingly, recent updates suggest an apparent surge in XRP ledger capabilities. Previously pegged at 1,500 transactions per second, the ledger’s capacity seemingly surged to 3,400 last month, marking a significant milestone for the project’s development.

However, amidst the excitement about the project’s potential, the short-term performance remains turbulent. In the past week alone, the token has seen an approximate 8% decline in value. Presently, XRP trades at $0.56, indicating marginal fluctuations in the last 24 hours. Despite this, investors hold a positive outlook, optimistic about the possibility of a bullish market trend, aiming to surpass its previous all-time high of $3.40 recorded six years ago.

As the crypto sphere navigates the intricacies of XRP’s technological prowess and market performance, the debate surrounding its potential as a global utility asset continues, impacting investor sentiment and the broader adoption of cryptocurrencies in the financial landscape.