An institution needs to transfer $1,000,000.

• If $XRP = $1 → 1,000,000 XRP required

• If $XRP = $100 → 10,000 XRP required

• If $XRP = $10,000 → 100 XRP required

• If #xrp = $1,000,000 → 1 XRP required

Same dollar value moved.

Very different liquidity and market-impact profiles.

So the real question for any settlement system is simple:

Is it more efficient to move one high-value unit,

or one million low-value units?

Price matters.

Utility decides.

XRP

1.4322

-0.76%