XRP (Ripple) is a digital asset built for payments and the native cryptocurrency of the XRP Ledger (XRPL), a decentralized blockchain created in 2012. It aims to facilitate fast, low-cost international money transfers, bridging different currencies efficiently without intermediaries. Unlike Bitcoin, XRP was pre-mined with a total supply of 100 billion tokens.
While the cryptocurrency is independent, it's closely associated with Ripple Labs, a technology company utilizing the XRPL for its payment solutions. XRP boasts quick transaction speeds (3-5 seconds) and minimal fees, making it attractive for cross-border transactions and potential use by financial institutions. Currently, 1 XRP is trading at approximately ₹201.03.