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XRP, also known as Ripple, is a cryptocurrency designed for fast and low-cost international money transfers. Unlike Bitcoin's proof-of-work system, XRP utilizes a unique consensus mechanism through a network of validating nodes. This allows for transaction settlement in just a few seconds.
Ripple Labs, the company behind XRP, aims to modernize global payments, partnering with financial institutions to facilitate cross-border transactions more efficiently. While not entirely decentralized like some cryptocurrencies, its focus on institutional adoption sets it apart.
Currently trading around $2.31, XRP has experienced significant price volatility, partly due to its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Recent developments indicate a potential settlement, which has positively impacted its price. Despite the legal hurdles, XRP remains a prominent cryptocurrency with a strong focus on real-world utility in the financial sector.