XRP

XRP is a digital asset and cryptocurrency created by Ripple Labs Inc. It was designed primarily for facilitating real-time cross-border payments and remittances. XRP serves as a bridge currency in the RippleNet payment platform, allowing for the seamless transfer of value between different fiat currencies. Unlike many cryptocurrencies that rely on mining for transaction validation, XRP operates on a consensus protocol where a network of trusted validators confirm transactions, enabling rapid processing times and low transaction fees. XRP aims to improve the efficiency of international money transfers by providing liquidity and reducing the costs and time delays commonly associated with traditional banking systems.