$XRP XRP, the digital currency created by Ripple Labs, is designed to facilitate fast and cost-effective cross-border transactions. Unlike Bitcoin, which relies on a proof-of-work mechanism, XRP uses a consensus algorithm, allowing for quicker transaction times and lower fees. XRP acts as a bridge currency in Ripple's payment protocol, enabling seamless transfers between different fiat currencies. This makes it particularly attractive to financial institutions looking to streamline international payments. Despite regulatory challenges, XRP remains a significant player in the cryptocurrency market, with a strong community and partnerships with major banks and payment providers worldwide.