XRP is the digital currency of the Ripple network, which aims to facilitate cross-border financial transactions quickly and at a low cost. XRP is used as a bridge between different currencies and is adopted by many financial institutions to improve international payment systems.
Advantages of XRP:
Transaction speed: Transactions take only 3 to 5 seconds.
Low cost: Transfer fees are much lower than traditional bank transfers.
Scalability: It can process about 1,500 transactions per second.
Decentralization: The RippleNet network is operated by many independent nodes.
Use cases:
Banks and payment companies: Some financial institutions rely on it to expedite international remittances.
On-Demand Liquidity (ODL): XRP is used as a bridging asset to provide instant liquidity.
