$XRP

XRP is a digital asset and cryptocurrency native to the XRP Ledger (XRPL), a decentralized blockchain technology. Unlike some cryptocurrencies that are mined, XRP was created with a total supply of 100 billion coins. It's primarily used for cross-border transactions and as a bridge currency, facilitating quick and efficient transfers between different fiat currencies. XRP is known for its fast transaction speeds and low fees, making it a popular choice for financial institutions.

Here's a more detailed breakdown:

Key Features and Uses:

Bridge Currency:

XRP helps bridge different currencies in cross-border payments, allowing banks to transfer funds quickly and cheaply.

Fast Transactions:

The XRP Ledger's consensus mechanism enables near-instantaneous transactions.

Low Fees:

XRP transactions are generally much less expensive than traditional bank wire transfers.

Decentralized:

The XRP Ledger is an open-source, permissionless, and decentralized blockchain.

Pre-Mined:

XRP was pre-mined, meaning the total supply was created at once, not through a mining process.

Used but not owned by Ripple:

While Ripple Labs is a prominent company in the XRP space, XRP is not owned by Ripple.