How Long Does Ripple Take to Transfer

In the world of the developing financial sector, cryptocurrencies are continuously gaining popularity among various beginners as well as advanced traders and investors. According to the survey, CoinMarketCap reports that there are over 22,932 cryptocurrencies available in the world with a total number of $1.1 trillion market capitalization.

In this article, we will talk about Ripple (XRP) and Bitcoin (BTC), two of the most popular and widely recognized digital assets available in the crypto market.

In our further content, we will make a comparison of Ripple with Bitcoin on the basis of their features, how long does Ripple take to transfer as compared to Bitcoin, transaction speed, fees, and current price.

Difference between Ripple (XRP) and Bitcoin (BTC):

Ripple is a blockchain-based digital payment system and protocol that comes with its own cryptocurrency or native token that is known as XRP and comes in the list of top 10 cryptocurrencies by market capitalization. It was initially released in the year 2012 by two men: Chris Larsen and Jed McCaleb, founders of Ripple Labs Inc., a U.S.-based technology company. It operates or built on the distributed open-source protocol and (P2P) peer-to-peer decentralized platform that allows users for seamless transfer of money.

On the other hand, Bitcoin (BTC) is considered as the first cryptocurrency in the world that was designed in a way to act as a form of digital payment. It is also a blockchain-based digital payment protocol and was initially founded in the year 2008 by an unknown individual or group of people using the name Satoshi Nakamoto. The main aim of the Bitcoin company is to allow its customers to buy, sell, and exchange its token (BTC) directly, without involving any third party or an intermediary such as a bank.

On the basis of Features:

1. Key features of Ripple (XRP) 

• Ripple has a maximum supply or number of tokens (XRP) up to 100 billion out of which 47.74 billion are in circulation.
• XRP transaction speed and fees are fast and cheap as compared to its competitors. And if we talk about XRP transaction time taken as compared to XLM transaction time then it takes only 3 to 5 seconds to complete the transaction.
• It is currently divisible up to six decimal points and its smallest unit is 0.000001 XRP.
• A wide range of banks use the Ripple (XRP) payment system.
• Ripple utilizes its own consensus algorithm known as RPCA (Ripple Protocol consensus algorithm). It is applied in order to maintain the correctness of the network by all nodes in every few seconds.

2. Key features of Bitcoin (BTC)

• Bitcoin maximum supply or number of tokens (BTC) is limited up to 21 million.
• Bitcoin (BTC) transactions are cost-efficient and fast, which means you can make transfers or transactions from anywhere, at any time by reducing the time and higher transaction fees.
• It is currently divisible up to eight decimal places and its smallest unit is 0.00000001 BTC.
• Bitcoin (BTC) works on a Proof-of-work (PoW) consensus mechanism or algorithm that is performed by miners on the network.

On the basis of transaction fee:

In the comparison of Ripple (XRP) and (Bitcoin) on the basis of fees we will get to know that, the cost of XRP transfer fee to complete the transaction is only 0.00001 XRP or $0.0002 per transaction. On the other hand, Bitcoin (BTC) has a higher amount of fee for transactions. The average transaction fee to complete the Bitcoin (BTC) transaction is 0.000044 BTC or $0.957.

On the basis of transaction speed:

In the comparison of Ripple (XRP) and (Bitcoin) on the basis of transaction speed we get to know that, XRP again beats BTC in speed also. If we talk about the XRP transaction per second then it generally takes only four to five seconds to complete the transactions. On the other hand, all Bitcoin (BTC) transactions required six confirmations in the blockchain network by miners before being processed. And it usually takes 1 to 1.5 hours.

If you are looking for the answer to this question: “How long does it take to transfer XRP between wallets?” then the answer is simple, it takes only 3-5 seconds to settle the transaction. And if you are looking for the XRP transaction tracker then you can track your XRP amounts in the Balance field of AccountRoot objects.

On the basis of price:

If we make a comparison of Ripple (XRP) and Bitcoin (BTC) on the basis of price then we have to look at Bitcoin and XRP news related to price on the internet. Because the price of almost all crypto coins or tokens keeps fluctuating from time to time. And according to today’s news, the XRP price is $0.43 USD. On the other hand, Bitcoin (BTC) price is $27029.80 USD.

Bottom Line:

Overall, both Ripple and Bitcoins are the better options to invest in cryptocurrencies. But after comparing Ripple with Bitcoin we can say that the Ripple system is better than the Bitcoin network in terms of price, transaction time, and speed. We hope that the above-given information was helpful, and you have learned about transaction speeds, features, prices, and find out how long does Ripple take to transfer.