Fees are fractions of a cent compared to traditional systems where fees can be upwards
According to a report by Ripple, the cost of a cross-border payment using XRP is just $0.0004 compared to $30 for a traditional wire transfer using SWIFT. The report also claims that XRP can settle transactions in 4 seconds compared to 2-3 days for traditional systems.
Another key advantage of using XRP is that it is much more scalable than other blockchain solutions such as Bitcoin and Ethereum. The network can handle 1,500 transactions per second compared to Bitcoin's 7 and Ethereum's 15. This makes it ideal for use cases such as retail payments where speed and scalability are important factors.
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