XRP Ledger Has One Main Obstacle for New User Onboarding: Opinion

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As a long-time observer and participant in the cryptocurrency space, I find myself agreeing with Dr. Artur Kirjakulov’s stance on the 10 XRP minimum reserve for wallet activation on the XRP Ledger (XRPL). Having worked extensively with various blockchain networks, I can attest to the fact that this threshold can act as a barrier for new users, especially those who are just dipping their toes into the world of digital assets.

10 XRP, the smallest amount required for an account on the XRP Ledger (XRPL) to be active in transactions, is seen as a barrier for attracting new users, according to the CEO and founder of the XRPL-focused NFT and GameFi platform, XPMarket. This perspective, which has gained some prominence, suggests that this requirement may be hindering the influx of new users.

10 XRP minimum for wallet becomes roadblock for XRPL

10 XRP, which serves as a small deposit to activate on-chain accounts within the XRP Ledger, is considered too expensive by Dr. Artur Kirjakulov, CEO and founder of XPMarket, according to his recent post. This high cost, he argues, could deter the adoption of new users towards the XRP Ledger and its decentralized applications.

Based on recent observations, it seems evident that the 10 XRP wallet reserve is hindering the process of bringing in new users to the #XRPL. To me, it appears impractical to keep such a substantial reserve given its negative impact on user onboarding; those arguing otherwise are effectively hindering the growth driven by retail users.— Dr. Artur Kirjakulov (@Kirjakulov) October 11, 2024

He opined that such a threshold might be associated with “penny gap,” i.e., a psychological barrier preventing new customers from exploring pay-to-use applications.

Although Dr. Kirjakulov suggested that this viewpoint is widely held among the XRP community, certain members of the XRP Ledger environment expressed differing opinions on his statement.

Some experts have noted that users often choose not to maintain a 10 XRP reserve within their on-chain wallets, instead opting for centralized platforms when performing cryptocurrency transactions.

Furthermore, unlike Bitcoin (BTC) and Ethereum (ETH), it costs less to activate an account with XRP when it comes to withdrawal fees.

XRP accounts targeted by spam attacks despite registration limits

Currently, you need at least $5.37 to activate an account on the XRP Ledger. Over the last day, the price of XRP increased by 0.65%, but with a drop in trading activity.

Over an extended period, the debate surrounding minimum reserves has been prevalent within the international XRP community. Advocates argue that this tool serves as a valuable mechanism to safeguard XRPL resources against depletion by spammers.

Over the last year, unwanted marketing messages disguised as transactions have been sent to XRP accounts via the blockchain network, carrying advertisements.

During the attack period, a substantial portion of XRP Ledger’s resources was being utilized by men.

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2024-10-11 19:12