XRP

XRP is a digital asset created by Ripple Labs Inc., primarily designed for facilitating cross-border payments and remittances. It operates on a decentralized blockchain technology called the XRP Ledger, which enables fast and cost-effective transactions between different currencies. XRP serves as a bridge currency, allowing seamless conversions between fiat currencies without the need for a traditional banking intermediary. The consensus mechanism used by the XRP Ledger is different from traditional mining processes in cryptocurrencies like Bitcoin, allowing for quicker transaction confirmations and scalability. XRP is often associated with discussions around improving the efficiency of the financial system, enabling real-time settlement, and providing liquidity for financial institutions.