XRP, or Ripple, is a cryptocurrency associated with the company "Ripple Labs." It is often referred to as the "banking crypto project" due to Ripple's numerous partnerships with major names in the financial industry and banks. In short, Ripple aims to implement a solution based on "ledger" technology, or what translates to distributed ledger, which facilitates international settlements.

What is XRP and what does it aim for?

While Bitcoin aims to become a means of payment, it has shown weaknesses that make it impractical, such as transaction fees that can be very high at times, or transaction validation times that are hard to match with what is expected from a cryptocurrency.

XRP works to fix all these issues, although Ripple was not originally intended to compete with Bitcoin.

The problem Ripple addresses is the crumbling and burdensome infrastructure of the traditional financial system. Ripple aims to provide all the tools that allow the banking sector to operate both locally and internationally. Among these tools that Ripple aims to develop and compete with from another perspective is the "SWIFT" service.

"SWIFT" governs the traditional international bank transfer system. However, "SWIFT" is costly and slow, and a "SWIFT" transfer can take several days to reach the recipient's bank account.

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