XRP is the digital currency of Ripple Labs, designed to facilitate fast and inexpensive global financial transfers between banks and financial institutions.
The Ripple project aims to replace traditional transfer systems like SWIFT through the RippleNet network, which allows for sending money across borders in seconds and at minimal costs.
The currency is characterized by high processing speed (3 to 5 seconds per transaction) and very low fees, making it a preferred choice for banks and international payment companies.
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