XRP has a chance to overtake Bitcoin, according to former Ripple director

XRP is one of the big names in the crypto world. With a total market capitalization of more than $30 billion, it ranks seventh in the rankings. The undisputed leader remains Bitcoin (BTC), with a market capitalization of $1,235 billion.

However, according to Matt Hamilton, former CEO of RippleX, XRP has the potential to overtake Bitcoin, he stated in a recent interview.

Suitable for large-scale use

Hamilton emphasizes that XRP, unlike BTC, is much better suited for large-scale use due to its better scalability, lower transaction fees and the ability to process significantly more transactions per second. While Bitcoin can only process 7 to 10 transactions per second, XRP offers a capacity of as many as 3,400 transactions per second.

According to Hamilton, Bitcoin would require additional systems such as Layer-2 (L2) solutions to scale. However, these systems could undermine Bitcoin’s fundamental principles, he warns. XRP, on the other hand, was designed from the ground up for large-scale applications and can do so without such compromises.

Lower costs

In addition, Hamilton points out the cost benefits of XRP. While the costs of Bitcoin transactions continue to rise due to miners’ increasing energy consumption, XRP offers a much cheaper alternative. The average transaction fee on the Ripple network is around $0.0002 per transaction, making it more attractive for large-scale use.

XRP price expectations

Crypto analyst ModernInvest agrees with Hamilton’s view. He predicts that the next bull run will push XRP to record highs, with a price target of $20, which would represent an upside of 3,673% from its current value. The analyst points to several factors that could drive XRP’s value, including the introduction of Ripple’s stablecoin RLUSD and the network’s burn mechanism.